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90_HB1762
35 ILCS 5/211 new
Amends the Illinois Income Tax Act to create a credit for
an individual in the amount of 20% of the federal earned
income tax credit for that individual beginning with tax
years beginning on or after January 1, 1998, and ending with
tax years ending on or before December 30, 2003.
LRB9004720KDbd
LRB9004720KDbd
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Earned income tax credit for working families.
9 For tax years beginning on or after January 1, 1998 and
10 ending on or before December 30, 2003, there is allowed for
11 an individual taxpayer an earned income tax credit against
12 taxes due under this Act equal to 20% of the earned income
13 tax credit allowable for that individual taxpayer for the
14 same taxable year under Section 32 of the Internal Revenue
15 Code of 1986.
16 If a credit allowed under this Section exceeds the tax
17 liability of the taxpayer, the taxpayer shall receive a
18 refund for the amount of the excess.