99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
Introduced , by Rep. Jehan A. Gordon-Booth
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Creates a credit in an amount
equal to 10% of any long-term care insurance premiums paid by the taxpayer
during the taxable year. Provides that the credit may be carried forward.
Provides that the credit is exempt from the Act's automatic sunset
provisions. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by adding
Section 224 as follows:
(35 ILCS 5/224 new)
Credit for long-term care insurance.
(a) For taxable years ending on or after December 31, 2015,
each individual taxpayer is entitled to a credit against the
tax imposed under subsections (a) and (b) of Section 201 in an
amount equal to 10% of any long-term care insurance premiums
paid by the taxpayer during the taxable year.
(b) The credit may not be carried back. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is
a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.
(c) This Section is exempt from the provisions of Section