Illinois General Assembly - Bill Status for HB2435

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, 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.

Actions

Date	Chamber	Action
2/14/2023	House	Filed with the Clerk by Rep. Camille Y. Lilly
2/15/2023	House	First Reading
2/15/2023	House	Referred to Rules Committee
2/28/2023	House	Assigned to Revenue & Finance Committee
3/9/2023	House	To Revenue-Income Tax Subcommittee
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee
2/28/2024	House	Assigned to Revenue & Finance Committee
3/8/2024	House	To Revenue-Income Tax Subcommittee
4/5/2024	House	Rule 19(a) / Re-referred to Rules Committee

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