State of Illinois
92nd General Assembly

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 1        AN ACT concerning income taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Income Tax  Act  is  amended  by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec.  213.   Tax  credit  for employer-provided long-term
 8    care insurance.
 9        (a)  For taxable years ending on or  after  December  31,
10    2002,  each  taxpayer who is an employer is entitled to a tax
11    credit against the tax imposed by subsections (a) and (b)  of
12    Section 201 in an amount equal to 5% of the costs incurred by
13    the  taxpayer  during  the  taxable year to provide long-term
14    care insurance as a part of an employee benefit package.  The
15    credit, however, may not exceed the lesser of (i)  $5,000  or
16    (ii)  $100  for  each  employee  covered  by  long-term  care
17    insurance provided under the employee benefit package.
18        (b)   As used in this Section, "long-term care insurance"
19    means  that  term  as defined in Article XIXA of the Illinois
20    Insurance Code.
21        (c)  If  the  amount  of  the  credit  exceeds  the   tax
22    liability for the year, the excess may be carried forward and
23    applied to the tax liability of the 5 taxable years following
24    the  excess  credit  year.  The credit must be applied to the
25    earliest year for which there is a tax liability.   If  there
26    are credits from more than one tax year that are available to
27    offset a liability, the earlier credit must be applied first.
28        (d)  This  Section  is  exempt  from  the  provisions  of
29    Section 250.

30        Section  99.  Effective  date.   This Act takes effect on
                            -2-                LRB9213662AGmb
 1    January 1, 2003.

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