House Sponsors: TURNER,ART-CURRIE-DAVIS,MONIQUE-FEIGENHOLTZ-GARRETT, BOLAND, BLACK, LYONS,EILEEN AND SCHOENBERG. Senate Sponsors: OBAMA-CLAYBORNE-TROTTER Short description: EARNED INCOME CREDIT-NO REPEAL Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Deletes language that repeals the earned income tax credit on June 1, 2003. Effective September 1, 2002. FISCAL NOTE (Department of Revenue) For income tax returns filed in 2001 for tax year 2000, the aggregate amount of earned income tax credits (EICs) claimed by Illinois taxpayers amounted to approximately $39.9 million. The Department received an additional $35 million transfer from the Tobacco Settlement Fund to the Income Tax Refund Fund to pay EICs. As noted, the actual cost, to date, for the first year exceeded the appropriation by almost $5 million. The public act creating the EIC provides for the $35 million transfer of funds to pay for the additional refunds for all 3 years. HB 4172 does not provide for the continuation of these transfers. HOUSE AMENDMENT NO. 1. Deletes everything after the enacting clause. Reinserts the bill as introduced but also deletes language that provides that the credit is allowed only for years ending on or before December 31, 2002 (removes the termination date for the credit). Exempts the credit from the sunset requirements of the Act. Effective September 1, 2002. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status