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92_HB1065
LRB9206206SMdv
1 AN ACT in relation to taxation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 changing Section 212 as follows:
6 (35 ILCS 5/212)
7 (Section scheduled to be repealed on June 1, 2003)
8 Sec. 212. Earned income tax credit.
9 (a) With respect to the federal earned income tax credit
10 allowed for the taxable year under Section 32 of the federal
11 Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
12 is entitled to a credit against the tax imposed by
13 subsections (a) and (b) of Section 201 in an amount equal to:
14 (1) 5% of the federal tax credit for each taxable
15 year beginning on or after January 1, 2000 and ending on
16 or before December 31, 2000; and
17 (2) 25% of the federal tax credit for each taxable
18 year beginning on or after January 1, 2001 2002.
19 For a non-resident or part-year resident, the amount of
20 the credit under this Section shall be in proportion to the
21 amount of income attributable to this State.
22 (b) In no event shall a credit under this Section reduce
23 the taxpayer's liability to less than zero.
24 (c) This Section is exempt from the provisions of
25 Section 250 repealed on June 1, 2003.
26 (Source: P.A. 91-700, eff. 5-11-00.)
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.