HB4250 103RD GENERAL ASSEMBLY

LRB103 35602 HLH 65675 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4250

Introduced 1/16/2024, by Rep. Maurice A. West, II

SYNOPSIS AS INTRODUCED:

35 ILCS 5/241 new

Amends the Illinois Income Tax Act. Creates an income tax credit of $250 for taxpayers who make 4 or more qualified donations of human whole blood or human blood components during the taxable year. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 241 as follows:

(35 ILCS 5/241 new)

Sec. 241. Credit for blood bank donations.

(a) For taxable years beginning on or after January 1, 2025, each taxpayer is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 in the amount of $250, provided that (i) the taxpayer made at least 4 donations of human whole blood or human blood components during the taxable year in which the credit is claimed and (ii) each donation was made to a blood bank, as defined in the Illinois Clinical Laboratory and Blood Bank Act, that qualified as an exempt organization under Section 501(c)(3) of the Internal Revenue Code during the taxable year in which the donation was made.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.

(c) This Section is exempt from the provisions of Section 250.

(d) As used in this Section:

"Human blood components" means any one or more of the following derived from human whole blood: red blood cells, white blood cells, platelets, or plasma.

(e) The Department shall adopt any rules necessary to implement and administer this Section.

Section 99. Effective date. This Act takes effect upon becoming law.