Illinois 2023-2024 Regular Session

Illinois House Bill HB2595 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 HB2595 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately. LRB103 29479 HLH 55874 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2595 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately. LRB103 29479 HLH 55874 b LRB103 29479 HLH 55874 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2595 Introduced , by Rep. Adam M. Niemerg 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 an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.
6	6	LRB103 29479 HLH 55874 b LRB103 29479 HLH 55874 b
7	7	LRB103 29479 HLH 55874 b
8	8	A BILL FOR
9	9	HB2595LRB103 29479 HLH 55874 b HB2595 LRB103 29479 HLH 55874 b
10	10	HB2595 LRB103 29479 HLH 55874 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. Dependent tax credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2024, there shall be allowed a credit against the tax imposed
20	20	10 by subsections (a) and (b) of Section 201 in an amount
21	21	11 calculated under subsection (b). The credit under this Section
22	22	12 may not reduce the taxpayer's liability to less than zero.
23	23	13 (b) The maximum amount of the credit allowed under this
24	24	14 Section is $1,500 for each person who is claimed as a dependent
25	25	15 of the taxpayer for the taxable year under Section 152 of the
26	26	16 Internal Revenue Code.
27	27	17 (c) The Department of Revenue may adopt rules necessary or
28	28	18 appropriate to carry out the purposes of this Section.
29	29	19 (d) This Section is exempt from Section 250.
30	30	20 Section 99. Effective date. This Act takes effect upon
31	31	21 becoming law.
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35	35	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2595 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED:
36	36	35 ILCS 5/234 new 35 ILCS 5/234 new
37	37	35 ILCS 5/234 new
38	38	Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.
39	39	LRB103 29479 HLH 55874 b LRB103 29479 HLH 55874 b
40	40	LRB103 29479 HLH 55874 b
41	41	A BILL FOR
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47	47	35 ILCS 5/234 new
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51	51	LRB103 29479 HLH 55874 b
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61	61	HB2595 LRB103 29479 HLH 55874 b