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91_HB4630
LRB9112564SMdv
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Pharmaceutical expenses tax credit. For
9 taxable years 2000 and thereafter, every individual taxpayer
10 is entitled to a credit against the tax imposed by
11 subsections (a) and (b) of Section 201 for the amount spent
12 on pharmaceutical expenses during the taxable year. To
13 obtain the credit under this Section the taxpayer must verify
14 his or her pharmaceutical expenses with the Department as
15 determined by the Department by rule. If the amount of the
16 credit exceeds the tax liability for the year, the excess may
17 be carried forward and applied to the tax liability of the 2
18 taxable years following the excess credit year. The credit
19 shall be applied to the earliest year for which there is a
20 tax liability. If there are credits from more than one tax
21 year that are available to offset a liability, the earlier
22 credit shall be applied first. The provisions of Section 250
23 do not apply to the credit under this Section.
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.