HB2595 103RD GENERAL ASSEMBLY

LRB103 29479 HLH 55874 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2595

Introduced 2/15/2023, by Rep. Adam M. Niemerg

SYNOPSIS AS INTRODUCED:

35 ILCS 5/234 new

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 234 as follows:

(35 ILCS 5/234 new)

Sec. 234. Dependent tax credit.

(a) For taxable years beginning on or after January 1, 2024, there shall be allowed a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount calculated under subsection (b). The credit under this Section may not reduce the taxpayer's liability to less than zero.

(b) The maximum amount of the credit allowed under this Section is $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code.

(c) The Department of Revenue may adopt rules necessary or appropriate to carry out the purposes of this Section.

(d) This Section is exempt from Section 250.

Section 99. Effective date. This Act takes effect upon becoming law.