102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3900

 

Introduced 2/22/2021, by Rep. Camille Y. Lilly

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2021, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately.


LRB102 14756 HLH 20109 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3900LRB102 14756 HLH 20109 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
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Child tax credit.
8    (a) For taxable years beginning on or after January 1,
92021, there shall be allowed as a credit against the tax
10imposed by Section 201 for the taxable year with respect to
11each child of the taxpayer who is under the age of 17 and for
12whom the taxpayer is allowed an additional exemption under
13Section 204 an amount equal to $100.
14    (b) The amount of the credit allowed under subsection (a)
15shall be reduced by $5 for each $2,000 by which the taxpayer's
16net income exceeds $60,000 in the case of a joint return or
17exceeds $40,000 in the case of any other form of return.
18    (c) In no event shall a credit under this Section reduce
19the taxpayer's liability to less than zero.
20    (d) This Section is exempt from the provisions of Section
21250.
 
22    Section 99. Effective date. This Act takes effect upon

 

 

HB3900- 2 -LRB102 14756 HLH 20109 b

1becoming law.