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
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
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
LRB103 29479 HLH 55874 b
A BILL FOR
HB2595LRB103 29479 HLH 55874 b HB2595 LRB103 29479 HLH 55874 b
HB2595 LRB103 29479 HLH 55874 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. Dependent tax credit.
8 (a) For taxable years beginning on or after January 1,
9 2024, there shall be allowed a credit against the tax imposed
10 by subsections (a) and (b) of Section 201 in an amount
11 calculated under subsection (b). The credit under this Section
12 may not reduce the taxpayer's liability to less than zero.
13 (b) The maximum amount of the credit allowed under this
14 Section is $1,500 for each person who is claimed as a dependent
15 of the taxpayer for the taxable year under Section 152 of the
16 Internal Revenue Code.
17 (c) The Department of Revenue may adopt rules necessary or
18 appropriate to carry out the purposes of this Section.
19 (d) This Section is exempt from Section 250.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.
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
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
LRB103 29479 HLH 55874 b
A BILL FOR
35 ILCS 5/234 new
LRB103 29479 HLH 55874 b
HB2595 LRB103 29479 HLH 55874 b