Senate Sponsors: PETERSON-MADIGAN,R-O'MALLEY-SULLIVAN-RADOGNO, NOLAND, KLEMM, LAUZEN, FAWELL, SIEBEN, PARKER, DILLARD, KARPIEL. House Sponsors: BRUNSVOLD-LANG-MOORE,ANDREA-MCAULIFFE-OSMOND Short description: INC TX-LONG TERM HEALTH CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Allows an income tax credit in an amount equal to 15% of the premium costs paid for a qualified long term care insurance contract covering the individual taxpayer or the taxpayer's spouse, parent, or dependent. Provides that the credit may not exceed $200 or the taxpayer's liability, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the credit from the sunset provisions. Effective January 1, 2000. FISCAL NOTE (Department of Revenue) Each of the 200,000 policy-holders will qualify for the maximum $200 credit, for an estimated fiscal impact of $40 million. HOUSE AMENDMENT NO. 1. Deletes everything. Amends the Illinois Income Tax Act. Creates a tax credit for long term care insurance premiums with the caption as the only provision. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status