Bill Status of HB3521 95th General Assembly
Short Description: INC TX-HEALTH INS CREDIT
Rep. Careen M Gordon - Lou Lang, Harry Osterman, Kurt M. Granberg, Patrick J Verschoore, Linda Chapa LaVia, Dan Reitz, Thomas Holbrook, Naomi D. Jakobsson, Constance A. Howard, Daniel V. Beiser, Charles E. Jefferson and Fred Crespo
| 1/13/2009||House||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, 2007, allows small businesses that provide health care insurance for their employees and their spouses and dependents to claim a tax credit in an amount equal to the cost of providing that insurance, but not to exceed: (i) $500 per employee who receives health care insurance; and (ii) $250 for each spouse and dependent of an employee who receives health care insurance. Provides that the taxpayer may not carry the credit forward or back and that the credit may not reduce a taxpayer's liability to less than zero. Exempts the credit from the Act's sunset provisions. Effective immediately.