Illinois 2023-2024 Regular Session

Illinois House Bill HB2435 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 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
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly 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. 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.
6	6	LRB103 28958 HLH 55344 b LRB103 28958 HLH 55344 b
7	7	LRB103 28958 HLH 55344 b
8	8	A BILL FOR
9	9	HB2435LRB103 28958 HLH 55344 b HB2435 LRB103 28958 HLH 55344 b
10	10	HB2435 LRB103 28958 HLH 55344 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 tax credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2023, there shall be allowed as a credit against the tax
20	20	10 imposed by Section 201 for the taxable year with respect to
21	21	11 each child of the taxpayer who is under the age of 17 and for
22	22	12 whom the taxpayer is allowed an additional exemption under
23	23	13 Section 204 an amount equal to $100.
24	24	14 (b) The amount of the credit allowed under subsection (a)
25	25	15 shall be reduced by $5 for each $2,000 by which the taxpayer's
26	26	16 net income exceeds $60,000 in the case of a joint return or
27	27	17 exceeds $40,000 in the case of any other form of return.
28	28	18 (c) In no event shall a credit under this Section reduce
29	29	19 the taxpayer's liability to less than zero.
30	30	20 (d) This Section is exempt from the provisions of Section
31	31	21 250.
32	32	22 Section 99. Effective date. This Act takes effect upon
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36	36	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2435 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:
37	37	35 ILCS 5/234 new 35 ILCS 5/234 new
38	38	35 ILCS 5/234 new
39	39	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.
40	40	LRB103 28958 HLH 55344 b LRB103 28958 HLH 55344 b
41	41	LRB103 28958 HLH 55344 b
42	42	A BILL FOR
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48	48	35 ILCS 5/234 new
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66	66	HB2435 - 2 - LRB103 28958 HLH 55344 b
67	67	1 becoming law.
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73	73	HB2435 - 2 - LRB103 28958 HLH 55344 b