102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 2/26/2021, by Sen. Mike Simmons
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Creates a credit for each child of
the taxpayer who is under the age of 17 in an amount equal to $100.
Provides that the credit shall be reduced by $5 for each $2,000 by which
the taxpayer's net income exceeds $60,000 in the case of a joint return or
exceeds $40,000 in the case of any other form of return. Effective
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
adding Section 232 as follows:
(35 ILCS 5/232 new)
Child tax credit.
(a) For taxable years beginning on or after January 1,
2022, there shall be allowed as a credit against the tax
imposed by Section 201 for the taxable year with respect to
each child of the taxpayer who is under the age of 17 and for
whom the taxpayer is allowed an additional exemption under
Section 204 an amount equal to $100.
(b) The amount of the credit allowed under subsection (a)
shall be reduced by $5 for each $2,000 by which the taxpayer's
net income exceeds $60,000 in the case of a joint return or
exceeds $40,000 in the case of any other form of return.
(c) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero.
(d) This Section is exempt from the provisions of Section
This Act takes effect upon