Full Text of SB2833 103rd General Assembly
SB2833 103RD GENERAL ASSEMBLY | | | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB2833 Introduced 1/19/2024, by Sen. Paul Faraci SYNOPSIS AS INTRODUCED: | | 35 ILCS 5/241 new | | 5 ILCS 100/5-45.55 new | |
| Amends the Illinois Income Tax Act. Creates an income tax credit for individuals who (i) serve as a volunteer for 100 hours during the taxable year, (ii) do not receive any compensation for their services as a volunteer for the taxable year, and (iii) do not serve on a full-time or part-time career basis for the entity for which they volunteer. Provides that the Department of Revenue may award not more than $5,000,000 in credits under those provisions in any calendar year. Effective immediately. |
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | adding Section 241 as follows: | 6 | | (35 ILCS 5/241 new) | 7 | | Sec. 241. Volunteer tax credit. | 8 | | (a) For taxable years beginning on or after January 1, | 9 | | 2024 and beginning prior to January 1, 2029, each individual | 10 | | who (i) serves as a volunteer for 100 hours during the taxable | 11 | | year, (ii) does not receive any compensation for his or her | 12 | | services as a volunteer for the taxable year, and (iii) does | 13 | | not serve on a full-time or part-time career basis for the | 14 | | entity for which he or she volunteers may apply to the | 15 | | Department for a credit against the taxes imposed by | 16 | | subsections (a) and (b) of Section 201. The amount of the | 17 | | credit shall be $500 per eligible individual. The aggregate | 18 | | amount of all tax credits awarded by the Department under this | 19 | | Section in any calendar year may not exceed $5,000,000. | 20 | | Credits shall be awarded on a first-come, first-served basis. | 21 | | (b) A credit under this Section may not reduce a | 22 | | taxpayer's liability to less than zero. | 23 | | (c) By January 24 of each year, entities that are |
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| 1 | | organized and operated exclusively for charitable, religious, | 2 | | or educational purposes and possess an active Exemption | 3 | | Identification Number issued by the Department pursuant to the | 4 | | Retailers' Occupation Tax Act must notify the Department of | 5 | | volunteers who (i) volunteered for at least 100 hours during | 6 | | the immediately preceding calendar year and (ii) did not | 7 | | receive compensation for their services as a volunteer during | 8 | | the immediately preceding calendar year. Notification shall be | 9 | | submitted in the manner specified by the Department. | 10 | | (d) The Department shall adopt rules to implement and | 11 | | administer this Section, including rules concerning | 12 | | applications for the tax credit. | 13 | | (e) As used in this Section, "volunteer" means a person | 14 | | who serves, other than on a full-time career basis, for an | 15 | | entity that is organized and operated exclusively for | 16 | | charitable, religious, or educational purposes and who possess | 17 | | an active Exemption Identification Number issued by the | 18 | | Department of Revenue pursuant to the Retailers' Occupation | 19 | | Tax Act. | 20 | | Section 10. The Illinois Administrative Procedure Act is | 21 | | amended by adding Section 5-45.55 as follows: | 22 | | (5 ILCS 100/5-45.55 new) | 23 | | Sec. 5-45.55. Emergency rulemaking; Illinois Income Tax | 24 | | Act. To provide for the expeditious and timely implementation |
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| 1 | | of this amendatory Act of the 103rd General Assembly, | 2 | | emergency rules implementing this amendatory Act of the 103rd | 3 | | General Assembly may be adopted in accordance with Section | 4 | | 5-45 by the Department of Revenue. The adoption of emergency | 5 | | rules authorized by Section 5-45 and this Section is deemed to | 6 | | be necessary for the public interest, safety, and welfare. | 7 | | This Section is repealed one year after the effective date | 8 | | of this amendatory Act of the 103rd General Assembly. | 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law. |
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