HB4147 93RD GENERAL ASSEMBLY

LRB093 17492 SJM 43161 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4147

Introduced 1/21/2004, by Sidney H. Mathias

SYNOPSIS AS INTRODUCED:

320 ILCS 25/3.07

from Ch. 67 1/2, par. 403.07

Amends the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act. Provides that, for grant years 2005 and thereafter, "income" means federal taxable income (now, "income" means federal adjusted gross income modified by adding thereto income received from any of a list of sources). Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning senior citizens and disabled persons.

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

Section 5. The Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act is amended by changing Section 3.07 as follows:

(320 ILCS 25/3.07) (from Ch. 67 1/2, par. 403.07)

Sec. 3.07. For grant years 2004 and before, "income" means adjusted gross income, properly reportable for federal income tax purposes under the provisions of the Internal Revenue Code, modified by adding thereto the sum of the following amounts to the extent deducted or excluded from gross income in the computation of adjusted gross income:

(A) An amount equal to all amounts paid or accrued as interest or dividends during the taxable year;

(B) An amount equal to the amount of tax imposed by the Illinois Income Tax Act paid for the taxable year;

(C) An amount equal to all amounts received during the taxable year as an annuity under an annuity, endowment or life insurance contract or under any other contract or agreement;

(D) An amount equal to the amount of benefits paid under the Federal Social Security Act during the taxable year;

(E) An amount equal to the amount of benefits paid under the Railroad Retirement Act during the taxable year;

(F) An amount equal to the total amount of cash public assistance payments received from any governmental agency during the taxable year other than benefits received pursuant to this Act;

(G) An amount equal to any net operating loss carryover deduction or capital loss carryover deduction during the taxable year;

(H) For claim years beginning on or after January 1, 2002, an amount equal to any benefits received under the Workers' Compensation Act or the Workers' Occupational Diseases Act during the taxable year.

"Income" does not include any grant assistance received under the Nursing Home Grant Assistance Act or any distributions or items of income described under subparagraph (X) of paragraph (2) of subsection (a) of Section 203 of the Illinois Income Tax Act.

This amendatory Act of 1987 shall be effective for purposes of this Section for tax years ending on or after December 31, 1987.

For grant years 2005 and thereafter, "income" means taxable income, properly reportable for federal income tax purposes under the provisions of the Internal Revenue Code.

(Source: P.A. 91-676, eff. 12-23-99; 92-131, eff. 7-23-01; 92-519, eff. 1-1-02.)