HB2511 103RD GENERAL ASSEMBLY

LRB103 27001 HLH 53368 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2511

Introduced 2/15/2023, by Rep. Jenn Ladisch Douglass

SYNOPSIS AS INTRODUCED:

35 ILCS 5/234 new

Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $250 for taxpayers who (i) adopt an animal from a no kill animal shelter and (ii) retain ownership of the animal for a period of 6 consecutive months 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 234 as follows:

(35 ILCS 5/234 new)

Sec. 234. Pet adoption credit.

(a) For taxable years beginning on or after January 1, 2023, a taxpayer who (i) adopts an animal from a no kill animal shelter and (ii) retains ownership of the animal for a period of 6 consecutive months during the taxable year is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in the amount of $250. As used in this Section, "no kill animal shelter" means an animal shelter where fewer than 10% of the animals received were euthanized in the previous calendar year.

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

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

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