JONES,W. 35 ILCS 5/213 new Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2001 and ending with taxable years ending on or before December 30, 2006, each individual taxpayer is entitled to an income tax credit for eligible prescription drug expenses. The credit is allowed as follows: (i) the taxpayer must be 60 years of age or older during the taxable year; (ii) the taxpayer's adjusted gross income for federal tax purposes must be less than $100,000; (iii) eligible prescription drug expenses consist of the amount paid by the taxpayer during the taxable year for prescription drug costs for a household member who is 60 years of age or older during the taxable year; and (iv) the credit is limited to an amount equal to the amount spent by the taxpayer in the taxable year for eligible prescription drug expenses, up to $2,000 in a taxable year. The tax credit may not reduce the taxpayer's liability to less than zero. The credit may not be carried forward. Effective immediately. FEB-20-2001 S FIRST READING FEB-20-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-21-2001 S ASSIGNED TO COMMITTEE REVENUE MAR-22-2001 S TO SUBCOMMITTEE MAR-22-2001 S COMMITTEE REVENUE MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary