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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0479 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning the earned income tax credit.
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| | A BILL FOR |
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| | SB0479 | | LRB097 04221 HLH 44260 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, |
| 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
the federal earned income tax |
| 9 | | credit allowed for the
taxable year under Section 32 of the |
| 10 | | federal Internal Revenue Code, 26 U.S.C.
32, each individual |
| 11 | | taxpayer is entitled to a credit against the tax imposed by
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| 12 | | subsections (a) and (b) of Section 201 in an amount equal to
5% |
| 13 | | of the federal tax credit for each taxable year beginning on or |
| 14 | | after
January 1,
2000.
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| 15 | | For a non-resident or part-year resident, the amount of the |
| 16 | | credit under this
Section shall be in proportion to the amount |
| 17 | | of income attributable to this
State.
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| 18 | | (b) For taxable years beginning before January 1, 2003, in |
| 19 | | no event
shall a credit under this Section reduce the |
| 20 | | taxpayer's
liability to less than zero. For each taxable year |
| 21 | | beginning on or after
January 1, 2003, if the amount of the |
| 22 | | credit exceeds the income tax liability
for the applicable tax |
| 23 | | year, then the excess credit shall be refunded to the
taxpayer. |