Illinois General Assembly - Full Text of HB0630
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Full Text of HB0630  100th General Assembly

HB0630 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0630

 

Introduced , by Rep. David Harris

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/212

    Amends the Illinois Income Tax Act. Provides that, for each taxable year beginning on or after January 1, 2017, the earned income tax credit shall be 15% (currently, 10%) of the federal tax credit. Provides that, if the amount of the earned income tax credit exceeds the taxpayer's income tax liability, then 50% of the excess credit amount shall be refunded to the taxpayer (currently, the entire excess credit amount is refundable). Effective immediately.


LRB100 05883 HLH 15909 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0630LRB100 05883 HLH 15909 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 212 as follows:
 
6    (35 ILCS 5/212)
7    Sec. 212. Earned income tax credit.
8    (a) With respect to the federal earned income tax credit
9allowed for the taxable year under Section 32 of the federal
10Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
11is entitled to a credit against the tax imposed by subsections
12(a) and (b) of Section 201 in an amount equal to (i) 5% of the
13federal tax credit for each taxable year beginning on or after
14January 1, 2000 and ending prior to December 31, 2012, (ii)
157.5% of the federal tax credit for each taxable year beginning
16on or after January 1, 2012 and ending prior to December 31,
172013, and (iii) 10% of the federal tax credit for each taxable
18year beginning on or after January 1, 2013 and beginning prior
19to January 1, 2017, and (iv) 15% of the federal tax credit for
20each taxable year beginning on or after January 1, 2017.
21    For a non-resident or part-year resident, the amount of the
22credit under this Section shall be in proportion to the amount
23of income attributable to this State.

 

 

HB0630- 2 -LRB100 05883 HLH 15909 b

1    (b) For taxable years beginning before January 1, 2003, in
2no event shall a credit under this Section reduce the
3taxpayer's liability to less than zero. For each taxable year
4beginning on or after January 1, 2003 and beginning prior to
5January 1, 2017, if the amount of the credit exceeds the income
6tax liability for the applicable tax year, then the excess
7credit shall be refunded to the taxpayer. For each taxable year
8beginning on or after January 1, 2017, if the amount of the
9credit exceeds the income tax liability for the applicable tax
10year, then 50% of the excess credit shall be refunded to the
11taxpayer. The amount of a refund shall not be included in the
12taxpayer's income or resources for the purposes of determining
13eligibility or benefit level in any means-tested benefit
14program administered by a governmental entity unless required
15by federal law.
16    (c) This Section is exempt from the provisions of Section
17250.
18(Source: P.A. 97-652, eff. 6-1-12.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.