|
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3224 Introduced 2/11/2020, by Sen. Jason A. Barickman SYNOPSIS AS INTRODUCED:
|
| |
Amends the Illinois Income Tax Act. Provides that each individual who serves as a volunteer firefighter or a volunteer EMS provider during the taxable year is entitled to a credit in an amount equal to $500. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | SB3224 | | LRB101 19574 HLH 69049 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 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 adding |
| 5 | | Section 232 as follows:
|
| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Volunteer firefighters and volunteer EMS |
| 8 | | providers. |
| 9 | | (a) For taxable years beginning on or after January 1, |
| 10 | | 2021, each individual who serves as a volunteer firefighter or |
| 11 | | a volunteer EMS provider during the taxable year is entitled to |
| 12 | | a credit against the taxes imposed by subsections (a) and (b) |
| 13 | | of Section 201 in an amount equal to $500. |
| 14 | | (b) In no event shall a credit under this Section reduce a |
| 15 | | taxpayer's liability to less than zero. If the amount of credit |
| 16 | | exceeds the tax liability for the year, the excess may be |
| 17 | | carried forward and applied to the tax liability for the 5 |
| 18 | | taxable years following the excess credit year. The tax credit |
| 19 | | shall be applied to the earliest year for which there is a tax |
| 20 | | liability. If there are credits for more than one year that are |
| 21 | | available to offset liability, the earlier credit shall be |
| 22 | | applied first. |
| 23 | | (c) As used in this Section: |