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90_SB0266
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates an income
tax credit, beginning in taxable years beginning on or after
January 1, 1997 and ending with taxable years ending on or
before December 30, 2002, for employers who pay insurance
premiums on policies to insure the employers' liability
under the Workers' Compensation Act and the Workers'
Occupational Diseases Act equal to 5% of the premiums that
the employer paid during the taxable year. Provides that the
credit shall not reduce the employer's tax liability to less
than zero.
SDS/bill0006/dgp
SDS/bill0006/dgp
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. Workers' compensation tax credit. Beginning
9 with taxable years beginning on or after January 1, 1997 and
10 ending with taxable years ending on or before December 30,
11 2002, every employer, including self-insured employers and
12 group self-insured employers who pay insurance premiums on a
13 policy to insure the employer's liability under the Workers'
14 Compensation Act and the Workers' Occupational Diseases Act
15 shall be entitled to a tax credit against the tax imposed in
16 subsection (a) and (b) of Section 201 equal to 5% of the
17 premiums that the employer paid during the taxable year.
18 This credit shall not reduce the employer's tax liability to
19 less than zero.