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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5155 Introduced 1/27/2022, by Rep. Tom Demmer SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers whose federal adjusted gross income does not exceed specified amounts. Provides that the credit shall be equal to $400 for taxpayers filing a joint return and $200 for all other taxpayers. Effective immediately.
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| | A BILL FOR |
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| | HB5155 | | LRB102 23391 HLH 32560 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 232 as follows:
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| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Inflation protection credit. |
| 8 | | (a) For taxable years that begin on or after January 1, |
| 9 | | 2022 and begin prior to January 1, 2023, qualified taxpayers |
| 10 | | are entitled to a credit against the tax imposed by subsection |
| 11 | | (a) and (b) of Section 201 in an amount equal to $400 for |
| 12 | | taxpayers filing a joint return and $200 for all other |
| 13 | | taxpayers. |
| 14 | | (b) In no event shall a credit under this Section reduce |
| 15 | | the taxpayer's liability to less than zero. If the amount of |
| 16 | | the credit exceeds the tax liability for the year, the excess |
| 17 | | may be refunded to the taxpayer. |
| 18 | | (c) For the purposes of this Section, "qualified taxpayer" |
| 19 | | means an individual (and the spouse of that individual if |
| 20 | | filing a joint return) who: |
| 21 | | (1) is a United States citizen or United States |
| 22 | | resident alien; and |
| 23 | | (2) is not a dependent of another taxpayer; and |