103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the eligible expenses incurred for engaging in qualified tourism activities by the taxpayer during the taxable year. Effective immediately. LRB103 25949 HLH 52301 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 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 a credit in an amount equal to the eligible expenses incurred for engaging in qualified tourism activities by the taxpayer during the taxable year. Effective immediately. LRB103 25949 HLH 52301 b LRB103 25949 HLH 52301 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 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 a credit in an amount equal to the eligible expenses incurred for engaging in qualified tourism activities by the taxpayer during the taxable year. Effective immediately.
LRB103 25949 HLH 52301 b LRB103 25949 HLH 52301 b
LRB103 25949 HLH 52301 b
A BILL FOR
HB3513LRB103 25949 HLH 52301 b HB3513 LRB103 25949 HLH 52301 b
HB3513 LRB103 25949 HLH 52301 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. Illinois tourism tax credit.
8 (a) For taxable years beginning on or after January 1,
9 2024 and ending before January 1, 2027, each taxpayer is
10 entitled to a credit against the taxes imposed by subsections
11 (a) and (b) of Section 201 of this Act in an amount equal to
12 the eligible expenses incurred for engaging in qualified
13 tourism activities by the taxpayer during the taxable year. In
14 no event may the amount of the credit under this Section exceed
15 $5,000 for any taxpayer in any taxable year.
16 (b) As used in this Section:
17 "Eligible expenses" means any expense that is paid or
18 incurred by the taxpayer during any period of qualified travel
19 and that is related to any of the following: (i) food and
20 beverages; (ii) lodging; (iii) transportation; (iv) live
21 entertainment events, such as sporting events; and (v)
22 expenses related to attending a conference or business
23 meeting.
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 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 a credit in an amount equal to the eligible expenses incurred for engaging in qualified tourism activities by the taxpayer during the taxable year. Effective immediately.
LRB103 25949 HLH 52301 b LRB103 25949 HLH 52301 b
LRB103 25949 HLH 52301 b
A BILL FOR
35 ILCS 5/234 new
LRB103 25949 HLH 52301 b
HB3513 LRB103 25949 HLH 52301 b
HB3513- 2 -LRB103 25949 HLH 52301 b HB3513 - 2 - LRB103 25949 HLH 52301 b
HB3513 - 2 - LRB103 25949 HLH 52301 b
1 "Qualifying travel" means any travel on or after January
2 1, 2024 and on or before December 31, 2026 within the State of
3 Illinois to a final destination that is more than 50 miles from
4 the principal residence of the taxpayer, including a
5 destination such as a vacation home.
6 (c) For purposes of this Section, no credit shall be
7 allowed with respect to any expenses that are related to
8 business expenses for which a deduction is allowed or
9 allowable to a taxpayer under Section 162(a)(2) of the federal
10 Internal Revenue Code.
11 (d) The Department of Revenue shall adopt any rules
12 necessary to implement and administer the provisions of this
13 Section.
14 (e) In no event shall a credit under this Section reduce a
15 taxpayer's liability to less than zero. If the amount of
16 credit exceeds the tax liability for the year, the excess may
17 be carried forward and applied to the tax liability for the 5
18 taxable years following the excess credit year. The tax credit
19 shall be applied to the earliest year for which there is a tax
20 liability. If there are credits for more than one year that are
21 available to offset liability, the earlier credit shall be
22 applied first.
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.
HB3513 - 2 - LRB103 25949 HLH 52301 b