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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5952
Introduced , by Rep. Ruth Munson - Rosemary Mulligan SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers who pay a private health insurance premium for coverage for themselves or for a dependent. Provides that the amount of the credit is equal to the premium paid during that taxable year up to $500 per covered individual, but not to exceed $1,000 per taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB5952 |
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LRB095 18376 BDD 44462 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding |
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| Section 218 as follows:
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| (35 ILCS 5/218 new) |
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| Sec. 218. Health insurance premium credit. |
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| (a) For taxable years ending on or after December 31, 2008 |
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| and on or before December 30, 2013, each taxpayer who, during |
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| the taxable year, pays a private health insurance premium for |
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| coverage for him or herself or for a dependent is entitled to a |
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| credit against the tax imposed under subsections (a) and (b) of |
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| Section 201 in an amount equal to the premium paid during that |
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| taxable year up to $500 per covered individual. In no event, |
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| however, may the credit under this Section exceed $1,000 per |
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| taxable year. |
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| (b) For the purposes of this Section, "private health |
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| insurance premium" means a health insurance premium to which no |
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| employer makes a contribution. |
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| (c) The credit under this Section may not be carried |
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| forward or back and may not reduce the taxpayer's liability to |
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| less than zero.
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