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| [ Engrossed ] | [ House Amendment 001 ] |
92_HB4172
LRB9214874SMpc
1 AN ACT in relation to taxes
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7 (Section scheduled to be repealed on June 1, 2003)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 5% of the federal tax credit for each taxable year beginning
15 on or after January 1, 2000 and ending on or before December
16 31, 2002.
17 For a non-resident or part-year resident, the amount of
18 the credit under this Section shall be in proportion to the
19 amount of income attributable to this State.
20 (b) In no event shall a credit under this Section reduce
21 the taxpayer's liability to less than zero.
22 (c) This Section is repealed on June 1, 2003.
23 (Source: P.A. 91-700, eff. 5-11-00.)
24 Section 99. Effective date. This Act takes effect on
25 September 1, 2002.