House Sponsors: CURRIE-DANIELS-TURNER,ART-LYONS,EILEEN-HAMOS, FLOWERS, HOWARD, SHARP, GASH, WOOLARD, FRITCHEY, MOORE,ANDREA, CURRY,JULIE, SILVA, SCHOENBERG, OSTERMAN, O'BRIEN AND RUTHERFORD. Senate Sponsors: PETERSON-SULLIVAN-O'MALLEY-GEO-KARIS-LAUZEN Short description: INCM TAX-EARNED INCM TAX CRDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Makes technical changes in a Section concerning the short title. SENATE AMENDMENT NO. 2 Deletes reference to: 35 ILCS 5/101 Adds reference to: 35 ILCS 5/212 new 35 ILCS 5/901 Deletes everything. Amends the Illinois Income Tax Act. Creates the earned income tax credit. Provides that each individual taxpayer is entitled to a credit against the tax imposed by the Act in an amount equal to 5% of the federal earned income tax credit allowed. Applies to taxable years beginning on or after January 1, 2000 and ending on or before December 31, 2002. The credit may not reduce the taxpayer's liability to less than zero. Repeals the credit on June 1, 2003. Transfers $35,000,000 from the Tobacco Settlement Recovery Fund to the Income Tax Refund Fund in June of 2000, 2001, 2002. Effective immediately. SENATE AMENDMENT NO. 3 Changes the transfers from the Tobacco Settlement Recovery Fund to the Income Tax Refund Fund from June of the years 2000, 2001, and 2002 to January of the years 2001, 2002, and 2003. Last action on Bill: PUBLIC ACT.............................. 91-0700 Last action date: 00-05-11 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status