Illinois General Assembly - Full Text of HB4214
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of HB4214  102nd General Assembly

HB4214 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4214

 

Introduced 1/5/2022, by Rep. Dave Vella

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for hospitality employers, for taxable years that begin on or after January 1, 2022 and begin prior to January 1, 2023, in an amount equal to 100% of the amount paid by the taxpayer to provide vision and dental benefits, life insurance, and short term disability coverage for its employees during the taxable year. Effective immediately.


LRB102 20716 HLH 30415 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4214LRB102 20716 HLH 30415 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
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Credit for vision and dental benefits.
8    (a) For taxable years that begin on or after January 1,
92022 and begin prior to January 1, 2023, each taxpayer that is
10a hospitality employer is entitled to a credit against the tax
11imposed by subsections (a) and (b) of Section 201 in an amount
12equal to 100% of the amount paid by the taxpayer to provide
13vision and dental benefits, life insurance, and short term
14disability coverage for its employees during the taxable year.
15    (b) For partners, shareholders of Subchapter S
16corporations, and owners of limited liability companies, if
17the limited liability company is treated as a partnership for
18the purposes of federal and State income taxation, there shall
19be allowed a credit under this Section to be determined in
20accordance with the determination of income and distributive
21share of income under Sections 702 and 704 and Subchapter S of
22the Internal Revenue Code.
23    (d) In no event shall a credit under this Section reduce

 

 

HB4214- 2 -LRB102 20716 HLH 30415 b

1the taxpayer's liability to less than zero. If the amount of
2the credit exceeds the tax liability for the year, the excess
3may be carried forward and applied to the tax liability of the
45 taxable years following the excess credit year. The tax
5credit shall be applied to the earliest year for which there is
6a tax liability. If there are credits for more than one year
7that are available to offset a liability, the earlier credit
8shall be applied first.
9    (e) As used in this Section, "hospitality employer" means
10a business with a North American Industry Classification
11System (NAICS) Code 71 or 72 (leisure and hospitality).
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.