92nd General Assembly
Summary of HB4172
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Senate Sponsors:

Short description: 
EARNED INCOME CREDIT-NO REPEAL                                             

Synopsis of Bill as introduced:
        Amends the  Illinois  Income  Tax  Act.   Deletes  language  that      
   repeals  the  earned  income  tax  credit  on June 1, 2003.  Effective      
   September 1, 2002.                                                          
          FISCAL NOTE (Department of Revenue)                                  
          For income tax returns filed in 2001 for tax year 2000, the          
          aggregate amount of earned income tax credits (EICs) claimed by      
          Illinois taxpayers amounted to approximately $39.9 million. The      
          Department received an additional $35 million transfer from the      
          Tobacco Settlement Fund to the Income Tax Refund Fund to pay         
          EICs. As noted, the actual cost, to date, for the first year         
          exceeded the appropriation by almost $5 million. The public act      
          creating the EIC provides for the $35 million transfer of funds      
          to pay for the additional refunds for all 3 years. HB 4172 does      
          not provide for the continuation of these transfers.                 
        HOUSE AMENDMENT NO. 1.                                                 
        Deletes everything after the enacting clause. Reinserts the  bill      
   as  introduced but also deletes language that provides that the credit      
   is allowed only for years  ending  on  or  before  December  31,  2002      
   (removes  the  termination  date  for the credit).  Exempts the credit      
   from the sunset requirements of the Act.  Effective September 1, 2002.      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


 Full Text  Bill Status