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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0118 Introduced 1/27/2011, by Sen. Martin A. Sandoval SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011, the Earned Income Tax Credit shall be in an amount equal to
20% (instead of 5%) of the federal tax credit. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB0118 | | LRB097 06242 HLH 46317 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 212 as follows:
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| 6 | | (35 ILCS 5/212)
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| 7 | | Sec. 212. Earned income tax credit.
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| 8 | | (a) With respect to the federal earned income tax credit |
| 9 | | allowed for the
taxable year under Section 32 of the federal |
| 10 | | Internal Revenue Code, 26 U.S.C.
32, each individual taxpayer |
| 11 | | is entitled to a credit against the tax imposed by
subsections |
| 12 | | (a) and (b) of Section 201 in an amount equal to
5% of the |
| 13 | | federal tax credit for each taxable year beginning on or after
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| 14 | | January 1,
2000 and ending prior to December 31, 2011. For each |
| 15 | | taxable year beginning on or after January 1, 2011, each |
| 16 | | individual taxpayer is entitled to a credit against the tax |
| 17 | | imposed by
subsections (a) and (b) of Section 201 in an amount |
| 18 | | equal to
20% of the federal tax credit.
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| 19 | | For a non-resident or part-year resident, the amount of the |
| 20 | | credit under this
Section shall be in proportion to the amount |
| 21 | | of income attributable to this
State.
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| 22 | | (b) For taxable years beginning before January 1, 2003, in |
| 23 | | no event
shall a credit under this Section reduce the |