95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5952

 

Introduced , by Rep. Ruth Munson - Rosemary Mulligan

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/218 new

    Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers who pay a private health insurance premium for coverage for themselves or for a dependent. Provides that the amount of the credit is equal to the premium paid during that taxable year up to $500 per covered individual, but not to exceed $1,000 per taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.


LRB095 18376 BDD 44462 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5952 LRB095 18376 BDD 44462 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Income Tax Act is amended by adding
5 Section 218 as follows:
 
6     (35 ILCS 5/218 new)
7     Sec. 218. Health insurance premium credit.
8     (a) For taxable years ending on or after December 31, 2008
9 and on or before December 30, 2013, each taxpayer who, during
10 the taxable year, pays a private health insurance premium for
11 coverage for him or herself or for a dependent is entitled to a
12 credit against the tax imposed under subsections (a) and (b) of
13 Section 201 in an amount equal to the premium paid during that
14 taxable year up to $500 per covered individual. In no event,
15 however, may the credit under this Section exceed $1,000 per
16 taxable year.
17     (b) For the purposes of this Section, "private health
18 insurance premium" means a health insurance premium to which no
19 employer makes a contribution.
20     (c) The credit under this Section may not be carried
21 forward or back and may not reduce the taxpayer's liability to
22 less than zero.