Illinois 2023-2024 Regular Session

Illinois House Bill HB2327 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately. LRB103 27396 HLH 53768 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately. LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately.
6	6	LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b
7	7	LRB103 27396 HLH 53768 b
8	8	A BILL FOR
9	9	HB2327LRB103 27396 HLH 53768 b HB2327 LRB103 27396 HLH 53768 b
10	10	HB2327 LRB103 27396 HLH 53768 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Child care credit.
18	18	8 (a) For tax years beginning on or after January 1, 2024,
19	19	9 each qualified taxpayer may apply to the Department of Revenue
20	20	10 for a credit against the taxes imposed by subsections (a) and
21	21	11 (b) of Section 201. The amount of the credit shall be $1,500
22	22	12 for the first eligible dependent of the taxpayer, plus an
23	23	13 additional $500 for each additional eligible dependent, but
24	24	14 not to exceed $2,500 per taxpayer in any taxable year. The
25	25	15 aggregate amount of credits awarded by the Department of
26	26	16 Revenue may not exceed $100,000,000 in any taxable year.
27	27	17 Credits shall be awarded on a first-come, first-served basis.
28	28	18 (b) In no event shall a credit under this Section reduce
29	29	19 the taxpayer's liability to less than zero. If the amount of
30	30	20 the credit exceeds the tax liability for the year, the excess
31	31	21 may be carried forward and applied to the tax liability of the
32	32	22 5 taxable years following the excess credit year. The tax
33	33	23 credit shall be applied to the earliest year for which there is
34	34
35	35
36	36
37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately.
41	41	LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b
42	42	LRB103 27396 HLH 53768 b
43	43	A BILL FOR
44	44
45	45
46	46
47	47
48	48
49	49	35 ILCS 5/234 new
50	50
51	51
52	52
53	53	LRB103 27396 HLH 53768 b
54	54
55	55
56	56
57	57
58	58
59	59
60	60
61	61
62	62
63	63	HB2327 LRB103 27396 HLH 53768 b
64	64
65	65
66	66	HB2327- 2 -LRB103 27396 HLH 53768 b HB2327 - 2 - LRB103 27396 HLH 53768 b
67	67	HB2327 - 2 - LRB103 27396 HLH 53768 b
68	68	1 a tax liability. If there are credits for more than one year
69	69	2 that are available to offset a liability, the earlier credit
70	70	3 shall be applied first.
71	71	4 (c) As used in this Section:
72	72	5 "Eligible dependent" means an individual who is under 17
73	73	6 years of age during the taxable year and is claimed by the
74	74	7 taxpayer as a dependent for federal income tax purposes for
75	75	8 that taxable year.
76	76	9 "Qualified taxpayer" means a taxpayer with at least one
77	77	10 eligible dependent whose federal adjusted gross income does
78	78	11 not exceed: (1) $75,000 for spouses filing a joint return or
79	79	12 (2) $45,000 for all other taxpayers.
80	80	13 (d) This Section is exempt from the provisions of Section
81	81	14 250.
82	82	15 Section 99. Effective date. This Act takes effect upon
83	83	16 becoming law.
84	84
85	85
86	86
87	87
88	88
89	89	HB2327 - 2 - LRB103 27396 HLH 53768 b