92nd General Assembly
Summary of SB0297
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

Short description: 
INC TAX-SENR PRESCR DRUG CREDT                                             

Synopsis of Bill as introduced:
        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      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


 Full Text  Bill Status