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92_SB0266 LRB9202164SMdvA 1 AN ACT concerning taxation. 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Illinois Income Tax Act is amended by 5 changing Section 212 as follows: 6 (35 ILCS 5/212) 7 (Section scheduled to be repealed on June 1, 2003) 8 Sec. 212. Earned income tax credit. 9 (a) With respect to the federal earned income tax credit 10 allowed for the taxable year under Section 32 of the federal 11 Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer 12 is entitled to a credit against the tax imposed by 13 subsections (a) and (b) of Section 201 in an amount equal to 14 5% of the federal tax credit for each taxable year beginning 15 on or after January 1, 2000 and ending on or before December 16 31, 2000
2002. With respect to the federal earned income tax 17 credit allowed for the taxable year under Section 32 of the 18 federal Internal Revenue Code, 26 U.S.C. 32, each individual 19 taxpayer is entitled to a credit against the tax imposed by 20 subsections (a) and (b) of Section 201 in an amount equal to 21 10% of the federal tax credit for each taxable year beginning 22 on or after January 1, 2001. 23 For a non-resident or part-year resident, the amount of 24 the credit under this Section shall be in proportion to the 25 amount of income attributable to this State. 26 (b) If the amount of the credit exceeds the tax 27 liability for the year, then the excess credit shall be 28 refunded to the taxpayer. The amount of a refund shall not 29 be included in the taxpayer's income or resources for the 30 purposes of determining eligibility or benefit level in any 31 means-tested benefit program administered by a governmental -2- LRB9202164SMdvA 1 entity unless required by federal law. In no event shall a2 credit under this Section reduce the taxpayer's liability to3 less than zero.4 (c) This Section is exempt from the provisions of 5 Section 250 repealed on June 1, 2003. 6 (Source: P.A. 91-700, eff. 5-11-00.) 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.
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