HB3678 103RD GENERAL ASSEMBLY

LRB103 29483 HLH 55878 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3678

Introduced 2/17/2023, by Rep. Harry Benton

SYNOPSIS AS INTRODUCED:

35 ILCS 5/234 new

Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who participate in an apprenticeship program during the taxable year. Provides that the credit is equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program, not to exceed $1,000 per taxpayer. 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. Apprenticeship credit.

(a) For taxable years beginning on or after January 1, 2024, each individual taxpayer who participates in an apprenticeship program during the taxable year is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 in an amount equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program. The amount of the credit may not exceed $1,000 per taxpayer in any taxable year.

(b) In no event shall a credit under this Section reduce a taxpayer's liability to less than zero. If the amount of credit exceeds the tax liability for the year, the excess may be refunded to the taxpayer.

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

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