Bill Status of HB4734 102nd General Assembly
Short Description: INC TX-LONG TERM HEALTH CREDIT
Rep. Bill Mitchell - Paul D. Froehlich - Sidney H. Mathias, Lisa M. Dugan and Careen M Gordon
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Allows an income tax credit in an amount equal to 15% of the premium costs paid for a qualified long term care insurance contract covering the individual taxpayer or the taxpayer's spouse, parent, or dependent. Provides that the credit may not exceed $200 or the taxpayer's liability, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the credit from the sunset provisions. Effective immediately.