SB1484 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1484

 

Introduced 2/13/2019, by Sen. Kimberly A. Lightford

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/229 new

    Amends the Illinois Income Tax Act. Creates a child tax credit in an amount equal to 10% of the federal tax credit allowed under Section 24 of the federal Internal Revenue Code. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1484LRB101 09314 HLH 54409 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 229 as follows:
 
6    (35 ILCS 5/229 new)
7    Sec. 229. Federal child tax credit. For taxable years
8beginning on or after January 1, 2019 and beginning prior to
9January 1, 2024, with respect to the federal child tax credit
10allowed for the taxable year under Section 24 of the federal
11Internal Revenue Code, 26 U.S.C. 24, each individual taxpayer
12is entitled to a credit against the tax imposed by subsections
13(a) and (b) of Section 201 in an amount equal to 10% of the
14federal tax credit.
15    For a non-resident or part-year resident, the amount of the
16credit under this Section shall be in proportion to the amount
17of income attributable to this State.
18    If the amount of the credit exceeds the income tax
19liability for the applicable tax year, then the excess credit
20shall be refunded to the taxpayer. The amount of a refund shall
21not be included in the taxpayer's income or resources for the
22purposes of determining eligibility or benefit level in any
23means-tested benefit program administered by a governmental

 

 

SB1484- 2 -LRB101 09314 HLH 54409 b

1entity unless required by federal law.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.