93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB7048


 
Introduced 02/09/04, by Lisa M. Dugan
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new









    Amends the Illinois Income Tax Act. Provides that, for taxable years ending
on
or after December 31, 2004 and on or before December 30, 2009, each taxpayer is entitled to an income tax credit
in the
amount of $500 per taxable year if the
taxpayer
is a member of the armed forces of the United States, the Illinois National Guard, or a reserve component of the
armed forces
of the United States and served on active
duty during the taxable year.
 Provides that the credit is not refundable and may not be carried forward or back.
Effective January 1, 2005.
















LRB093 17700 SJM 47218 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB7048

LRB093 17700 SJM 47218 b






1
    AN ACT concerning 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 adding 
5
Section 216 as
follows:


 
6
    (35 ILCS 5/216 new)

7
    Sec. 216. Iraq and Afghanistan service tax credit.

8
    (a) For taxable years ending on or after December 31, 2004 
9
and on or before December 30, 2009, each
taxpayer is entitled 
10
to a credit against the tax imposed by subsections (a) and
(b) 
11
of
Section 201 in the amount of $500 per taxable year if the

12
taxpayer
is a member of the armed forces of the United States, 
13
the Illinois National Guard, or a reserve component of the

14
armed forces
of the United States and served on active
duty 
15
during the taxable year.

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    (b) The tax credit under this Section may not reduce the 
17
taxpayer's liability to less than zero.  If the amount of the 
18
credit exceeds the tax liability for
the year,
the excess may 
19
not be carried forward or back to apply to the tax liability of 
20
any other taxable year.


 
21
    Section 99. Effective date. This Act takes effect January 
22
1, 2005.