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92_SB0297
LRB9207591SMdv
1 AN ACT concerning 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. Senior citizen prescription drug tax credit.
8 (a) Beginning with taxable years ending on or after
9 December 31, 2001 and ending with taxable years ending on or
10 before December 30, 2006, each individual taxpayer is
11 entitled to a credit against the tax imposed by subsections
12 (a) and (b) of Section 201 for eligible prescription drug
13 expenses. The credit is allowed as follows:
14 (1) The taxpayer must be 60 years of age or older
15 during the taxable year.
16 (2) The taxpayer's adjusted gross income for
17 federal tax purposes must be less than $100,000.
18 (3) Eligible prescription drug expenses consist of
19 the amount paid by the taxpayer during the taxable year
20 for prescription drug costs for a household member who is
21 60 years of age or older during the taxable year.
22 (4) The credit is limited to an amount equal to the
23 amount spent by the taxpayer in the taxable year for
24 eligible prescription drug expenses, up to $2,000 in a
25 taxable year.
26 (b) The tax credit may not reduce the taxpayer's
27 liability to less than zero. The credit may not be carried
28 forward.
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.