Bill Status of SB0496 94th General Assembly
Short Description: INC TX-HEALTH CARE CREDIT
Sen. Gary G. Dahl
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2005 and ending on or before December 30, 2010, allows small businesses to claim a tax credit in an amount equal to the amount of expenditures for health care insurance for its employees made in the year for which the credit is claimed. Provides that the credit may not reduce a taxpayer's liability to less than zero. Provides that the excess credit may be carried forward for a period of 5 years. Requires the taxpayer to keep any records required by the Department of Revenue regarding the health care expenditures for which the credit is claimed. Effective immediately.
|Date||Chamber|| Action|| 2/16/2005||Senate||Filed with Secretary by Sen. Gary G. Dahl|| 2/16/2005||Senate||First Reading|| 2/16/2005||Senate||Referred to Rules|| 1/9/2007||Senate||Session Sine Die|