Bill Status of HB0470  102nd General Assembly

Short Description:  INC TAX-CREDITS

House Sponsors
Rep. Barbara Flynn Currie - William Delgado - Patricia Reid Lindner - Arthur L. Turner - William B. Black, John A. Fritchey, Sara Feigenholtz, Jim Watson, Harry Osterman, William Davis, Annazette Collins, Elizabeth Coulson, Cynthia Soto, Robert S. Molaro, Susana A Mendoza, Joseph M. Lyons, Patrick J Verschoore, Angelo Saviano, Michael P. McAuliffe, Kathleen A. Ryg, Naomi D. Jakobsson, Jack D. Franks, Linda Chapa LaVia, Robin Kelly, Daniel V. Beiser, Patricia Bailey, Charles E. Jefferson, Karen A. Yarbrough, Lou Lang, Edward J. Acevedo, Elaine Nekritz, Brandon W. Phelps, Marlow H. Colvin, Monique D. Davis, Lisa M. Dugan, Robert F. Flider, Deborah L. Graham, Careen M Gordon, Eddie Washington, Michael K. Smith and Wyvetter H. Younge

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/212


Synopsis As Introduced
Amends the Illinois Income Tax Act. Increases the amount of the earned income tax credit from 5% of the federal credit to: (i) 10% of the federal tax credit for taxable years beginning on or after January 1, 2005; (ii) 15% of the federal tax credit for taxable years beginning on or after January 1, 2007; and (iii) 20% of the federal tax credit for taxable years beginning on or after January 1, 2009. Effective immediately.

 Fiscal Note (Department of Revenue)
 In tax year 2003, the earned income credit was worth a total of approximately $66 million, of which approximately $13 million was paid by the Department of Human Services from Temporary Assistance for Needy Families Block Grant Moneys (TANF Block Grant Moneys) and approximately $53 million was from reduced taxes. Assuming a continuation of the historic 4% annual growth in the amount of the credit, the amount of credit in future years as amended by House Bill 470 would be as follows: (1) In Tax Year 2004 the total State Earned Income Credit would be worth approximately $69 million, of which approximately $14 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $55 million would result from reduced taxes. (2) In Tax Year 2005 the total State Earned Income Credit would be worth approximately $143 million, of which approximately $56 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $87 million would result from reduced taxes. (3) In Tax Year 2006 the total State Earned Income Credit would be worth approximately $148 million, of which approximately $58 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $90 million would result from reduced taxes. (4) In Tax Year 2007 the total State Earned Income Credit would be worth approximately $229 million, of which approximately $114 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $115 million would result from reduced taxes. (5) In Tax Year 2008 the total State Earned Income Credit would be worth approximately $238 million, of which approximately $119 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $119 million would result from reduced taxes. (6) In Tax Year 2009 the total State Earned Income Credit would be worth approximately $326 million, of which approximately $186 million would be paid by the Department of Human Services from TANF Block Grant Moneys and approximately $140 million would result from reduced taxes.

Actions 
DateChamber Action
  1/26/2005HouseFiled with the Clerk by Rep. Barbara Flynn Currie
  1/26/2005HouseChief Co-Sponsor Rep. Patricia Reid Lindner
  1/26/2005HouseChief Co-Sponsor Rep. Arthur L. Turner
  1/26/2005HouseChief Co-Sponsor Rep. William B. Black
  1/26/2005HouseChief Co-Sponsor Rep. William Delgado
  1/26/2005HouseCo-Sponsor Rep. John A. Fritchey
  1/27/2005HouseAdded Co-Sponsor Rep. Sara Feigenholtz
  1/27/2005HouseFirst Reading
  1/27/2005HouseReferred to Rules Committee
  1/31/2005HouseAdded Co-Sponsor Rep. Jim Watson
  2/1/2005HouseAdded Co-Sponsor Rep. Harry Osterman
  2/1/2005HouseAdded Co-Sponsor Rep. William Davis
  2/1/2005HouseFiscal Note Requested by Rep. William Davis
  2/2/2005HouseAssigned to Revenue Committee
  2/2/2005HouseCo-Sponsor Rep. Annazette Collins
  2/2/2005HouseCo-Sponsor Rep. Elizabeth Coulson
  2/2/2005HouseCo-Sponsor Rep. Cynthia Soto
  2/2/2005HouseCo-Sponsor Rep. Robert S. Molaro
  2/2/2005HouseCo-Sponsor Rep. Susana A Mendoza
  2/2/2005HouseCo-Sponsor Rep. Joseph M. Lyons
  2/2/2005HouseCo-Sponsor Rep. Patrick J Verschoore
  2/2/2005HouseCo-Sponsor Rep. Angelo Saviano
  2/2/2005HouseCo-Sponsor Rep. Michael P. McAuliffe
  2/3/2005HouseAdded Co-Sponsor Rep. Kathleen A. Ryg
  2/3/2005HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  2/8/2005HouseFiscal Note Filed
  2/9/2005HouseAdded Co-Sponsor Rep. Jack D. Franks
  2/9/2005HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  2/16/2005HouseAdded Co-Sponsor Rep. Robin Kelly
  2/16/2005HouseAdded Co-Sponsor Rep. Daniel V. Beiser
  2/17/2005HouseAdded Co-Sponsor Rep. Patricia Bailey
  2/18/2005HouseAdded Co-Sponsor Rep. Charles E. Jefferson
  3/1/2005HouseAdded Co-Sponsor Rep. Karen A. Yarbrough
  3/2/2005HouseAdded Co-Sponsor Rep. Lou Lang
  3/2/2005HouseAdded Co-Sponsor Rep. Edward J. Acevedo
  3/2/2005HouseAdded Co-Sponsor Rep. Elaine Nekritz
  3/3/2005HouseAdded Co-Sponsor Rep. Brandon W. Phelps
  3/3/2005HouseAdded Co-Sponsor Rep. Marlow H. Colvin
  3/3/2005HouseAdded Co-Sponsor Rep. Monique D. Davis
  3/9/2005HouseAdded Co-Sponsor Rep. Lisa M. Dugan
  3/10/2005HouseAdded Co-Sponsor Rep. Robert F. Flider
  3/10/2005HouseAdded Co-Sponsor Rep. Deborah L. Graham
  3/10/2005HouseAdded Co-Sponsor Rep. Careen M Gordon
  3/10/2005HouseRule 19(a) / Re-referred to Rules Committee
  3/16/2005HouseAdded Co-Sponsor Rep. Eddie Washington
  3/16/2005HouseAdded Co-Sponsor Rep. Michael K. Smith
  3/16/2005HouseCo-Sponsor Rep. Wyvetter H. Younge
  1/9/2007HouseSession Sine Die