103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately. LRB103 28958 HLH 55344 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately. LRB103 28958 HLH 55344 b LRB103 28958 HLH 55344 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately.
LRB103 28958 HLH 55344 b LRB103 28958 HLH 55344 b
LRB103 28958 HLH 55344 b
A BILL FOR
HB2435LRB103 28958 HLH 55344 b HB2435 LRB103 28958 HLH 55344 b
HB2435 LRB103 28958 HLH 55344 b
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 234 as follows:
6 (35 ILCS 5/234 new)
7 Sec. 234. Child tax credit.
8 (a) For taxable years beginning on or after January 1,
9 2023, there shall be allowed as a credit against the tax
10 imposed by Section 201 for the taxable year with respect to
11 each child of the taxpayer who is under the age of 17 and for
12 whom the taxpayer is allowed an additional exemption under
13 Section 204 an amount equal to $100.
14 (b) The amount of the credit allowed under subsection (a)
15 shall be reduced by $5 for each $2,000 by which the taxpayer's
16 net income exceeds $60,000 in the case of a joint return or
17 exceeds $40,000 in the case of any other form of return.
18 (c) In no event shall a credit under this Section reduce
19 the taxpayer's liability to less than zero.
20 (d) This Section is exempt from the provisions of Section
21 250.
22 Section 99. Effective date. This Act takes effect upon
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately.
LRB103 28958 HLH 55344 b LRB103 28958 HLH 55344 b
LRB103 28958 HLH 55344 b
A BILL FOR
35 ILCS 5/234 new
LRB103 28958 HLH 55344 b
HB2435 LRB103 28958 HLH 55344 b
HB2435- 2 -LRB103 28958 HLH 55344 b HB2435 - 2 - LRB103 28958 HLH 55344 b
HB2435 - 2 - LRB103 28958 HLH 55344 b
1 becoming law.
HB2435 - 2 - LRB103 28958 HLH 55344 b