KLINGLER, CURRY,JULIE, MCCARTHY AND O'BRIEN.
INC TAX CREDIT-LONG-TERM CARE
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that for taxable
years ending on or after December 31, 2001, each taxpayer who is an
employer is entitled to a tax credit in an amount equal to 5% of the
costs incurred by the taxpayer during the taxable year to provide
long-term care insurance as a part of an employee benefit package.
The credit, however, may not exceed the lesser of (i) $5,000 or (ii)
$100 for each employee covered by long-term care insurance provided
under the employee benefit package. Provides that the credit may be
carried forward for 5 taxable years. Exempts the credit from the
sunset provisions. Effective January 1, 2002.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status