Illinois General Assembly - Full Text of HB2774
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Full Text of HB2774  101st General Assembly

HB2774 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2774

 

Introduced , by Rep. Debbie Meyers-Martin

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/229 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $250 for taxpayers who (i) adopt an animal from a no kill animal shelter and (ii) retain ownership of the animal for a period of 6 consecutive months during the taxable year. Effective immediately.


LRB101 08886 HLH 53976 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2774LRB101 08886 HLH 53976 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 229 as follows:
 
6    (35 ILCS 5/229 new)
7    Sec. 229. Pet adoption credit.
8    (a) For taxable years beginning on or after January 1,
92019, a taxpayer who (i) adopts an animal from a no kill animal
10shelter and (ii) retains ownership of the animal for a period
11of 6 consecutive months during the taxable year is entitled to
12a credit against the tax imposed by subsections (a) and (b) of
13Section 201 in the amount of $250. As used in this Section, a
14"no kill animal shelter" means an animal shelter where fewer
15than 10% of the animals received were euthanized in the
16previous calendar year.
17    (b) If the amount of the credit exceeds the tax liability
18for the year, the excess may be carried forward and applied to
19the tax liability of the 5 tax years following the excess
20credit year. The tax credit award shall be applied to the
21earliest year for which there is a tax liability. If there are
22credits from more than one tax year that are available to
23offset liability, the earlier credit shall be applied first. In

 

 

HB2774- 2 -LRB101 08886 HLH 53976 b

1no event may a credit under this Section reduce the taxpayer's
2liability to less than zero.
3    (c) This Section is exempt from the provisions of Section
4250.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.