Illinois General Assembly - Full Text of HB3958
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Full Text of HB3958  99th General Assembly

HB3958 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3958

 

Introduced , by Rep. Joe Sosnowski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates a credit for married persons in an amount equal to 3% of the federal adjusted gross income of the spouse with the lower federal adjusted gross income, but not to exceed $480 per taxable year. Effective immediately.


LRB099 10371 HLH 30598 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3958LRB099 10371 HLH 30598 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 adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Married persons credit.
8    (a) For taxable years beginning on or after January 1,
92016, married persons filing a joint return may claim a credit
10against the tax imposed by subsections (a) and (b) of Section
11201 in an amount equal to 3% of the federal adjusted gross
12income of the spouse with the lower federal adjusted gross
13income, but not to exceed $480 per taxable year.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. The credit may not
16be carried forward or back, but may be refunded to the
17taxpayer.
18    (c) This Section is exempt from the provisions of Section
19250.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.