State of Illinois
91st General Assembly

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 1        AN  ACT  to  amend  the Illinois Income Tax Act by adding
 2    Section 212.

 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 212 as follows:

 7        (35 ILCS 5/212 new)
 8        Sec.  212.   Pharmaceutical  expenses  tax  credit.   For
 9    taxable years 2000 and thereafter, every individual  taxpayer
10    is   entitled   to  a  credit  against  the  tax  imposed  by
11    subsections (a) and (b) of Section 201 for the  amount  spent
12    on  pharmaceutical  expenses  during  the  taxable  year.  To
13    obtain the credit under this Section the taxpayer must verify
14    his or her pharmaceutical expenses  with  the  Department  as
15    determined  by  the Department by rule.  If the amount of the
16    credit exceeds the tax liability for the year, the excess may
17    be carried forward and applied to the tax liability of the  2
18    taxable  years  following the excess credit year.  The credit
19    shall be applied to the earliest year for which  there  is  a
20    tax  liability.   If there are credits from more than one tax
21    year that are available to offset a  liability,  the  earlier
22    credit shall be applied first.  The provisions of Section 250
23    do not apply to the credit under this Section.

24        Section  99.  Effective date.  This Act takes effect upon
25    becoming law.

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