Full Text of SB1150 102nd General Assembly
SB1150sam006 102ND GENERAL ASSEMBLY | Sen. Omar Aquino Filed: 4/1/2022
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| 1 | | AMENDMENT TO SENATE BILL 1150
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1150, AS AMENDED, | 3 | | by inserting Article 30 in its proper numeric sequence as | 4 | | follows:
| 5 | | "Article 30. EARNED INCOME TAX CREDIT | 6 | | Section 30-5. The Illinois Income Tax Act is amended by | 7 | | changing Section 212 as follows: | 8 | | (35 ILCS 5/212)
| 9 | | Sec. 212. Earned income tax credit.
| 10 | | (a) With respect to the federal earned income tax credit | 11 | | allowed for the
taxable year under Section 32 of the federal | 12 | | Internal Revenue Code, 26 U.S.C.
32, each individual taxpayer | 13 | | is entitled to a credit against the tax imposed by
subsections | 14 | | (a) and (b) of Section 201 in an amount equal to
(i) 5% of the | 15 | | federal tax credit for each taxable year beginning on or after
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| 1 | | January 1,
2000 and ending prior to December 31, 2012, (ii) | 2 | | 7.5% of the federal tax credit for each taxable year beginning | 3 | | on or after January 1, 2012 and ending prior to December 31, | 4 | | 2013, (iii) 10% of the federal tax credit for each taxable year | 5 | | beginning on or after January 1, 2013 and beginning prior to | 6 | | January 1, 2017, (iv) 14% of the federal tax credit for each | 7 | | taxable year beginning on or after January 1, 2017 and | 8 | | beginning prior to January 1, 2018, and (v) 18% of the federal | 9 | | tax credit for each taxable year beginning on or after January | 10 | | 1, 2018 and beginning prior to January 1, 2023, and (vi) 19% of | 11 | | the federal tax credit for each taxable year beginning on or | 12 | | after January 1, 2023 .
| 13 | | For a non-resident or part-year resident, the amount of | 14 | | the credit under this
Section shall be in proportion to the | 15 | | amount of income attributable to this
State.
| 16 | | (b) For taxable years beginning before January 1, 2003, in | 17 | | no event
shall a credit under this Section reduce the | 18 | | taxpayer's
liability to less than zero. Except as provided in | 19 | | subsection (b-5), for For each taxable year beginning on or | 20 | | after
January 1, 2003, if the amount of the credit exceeds the | 21 | | income tax liability
for the applicable tax year, then the | 22 | | excess credit shall be refunded to the
taxpayer. The amount of | 23 | | a refund shall not be included in the taxpayer's
income or | 24 | | resources for the purposes of determining eligibility or | 25 | | benefit
level in any means-tested benefit program administered | 26 | | by a governmental entity
unless required by federal law.
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| 1 | | (b-5) For taxable years beginning on or after January 1, | 2 | | 2023, each individual taxpayer filing a return using an | 3 | | individual taxpayer identification number (ITIN) as prescribed | 4 | | under Section 6109 of the Internal Revenue Code, other than a | 5 | | Social Security number issued pursuant to Section 205(c)(2)(A) | 6 | | of the Social Security Act, is entitled to the credit under | 7 | | paragraph (a) based on the federal tax credit for which they | 8 | | would have been eligible without applying the restrictions | 9 | | regarding social security numbers in Section 32(m) of the | 10 | | federal Internal Revenue Code. If the amount of the credit | 11 | | under this Section for a taxpayer who files a return using an | 12 | | ITIN, other than a Social Security number, exceeds that | 13 | | taxpayer's income tax liability
for the applicable tax year, | 14 | | then the excess credit shall not be refunded to the taxpayer. | 15 | | (c) This Section is exempt from the provisions of Section | 16 | | 250.
| 17 | | (Source: P.A. 100-22, eff. 7-6-17.)".
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