Illinois 2023-2024 Regular Session

Illinois House Bill HB3513 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 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
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 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 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.
6	6	LRB103 25949 HLH 52301 b LRB103 25949 HLH 52301 b
7	7	LRB103 25949 HLH 52301 b
8	8	A BILL FOR
9	9	HB3513LRB103 25949 HLH 52301 b HB3513 LRB103 25949 HLH 52301 b
10	10	HB3513 LRB103 25949 HLH 52301 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. Illinois tourism tax credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2024 and ending before January 1, 2027, each taxpayer is
20	20	10 entitled to a credit against the taxes imposed by subsections
21	21	11 (a) and (b) of Section 201 of this Act in an amount equal to
22	22	12 the eligible expenses incurred for engaging in qualified
23	23	13 tourism activities by the taxpayer during the taxable year. In
24	24	14 no event may the amount of the credit under this Section exceed
25	25	15 $5,000 for any taxpayer in any taxable year.
26	26	16 (b) As used in this Section:
27	27	17 "Eligible expenses" means any expense that is paid or
28	28	18 incurred by the taxpayer during any period of qualified travel
29	29	19 and that is related to any of the following: (i) food and
30	30	20 beverages; (ii) lodging; (iii) transportation; (iv) live
31	31	21 entertainment events, such as sporting events; and (v)
32	32	22 expenses related to attending a conference or business
33	33	23 meeting.
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3513 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	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.
41	41	LRB103 25949 HLH 52301 b LRB103 25949 HLH 52301 b
42	42	LRB103 25949 HLH 52301 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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53	53	LRB103 25949 HLH 52301 b
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66	66	HB3513- 2 -LRB103 25949 HLH 52301 b HB3513 - 2 - LRB103 25949 HLH 52301 b
67	67	HB3513 - 2 - LRB103 25949 HLH 52301 b
68	68	1 "Qualifying travel" means any travel on or after January
69	69	2 1, 2024 and on or before December 31, 2026 within the State of
70	70	3 Illinois to a final destination that is more than 50 miles from
71	71	4 the principal residence of the taxpayer, including a
72	72	5 destination such as a vacation home.
73	73	6 (c) For purposes of this Section, no credit shall be
74	74	7 allowed with respect to any expenses that are related to
75	75	8 business expenses for which a deduction is allowed or
76	76	9 allowable to a taxpayer under Section 162(a)(2) of the federal
77	77	10 Internal Revenue Code.
78	78	11 (d) The Department of Revenue shall adopt any rules
79	79	12 necessary to implement and administer the provisions of this
80	80	13 Section.
81	81	14 (e) In no event shall a credit under this Section reduce a
82	82	15 taxpayer's liability to less than zero. If the amount of
83	83	16 credit exceeds the tax liability for the year, the excess may
84	84	17 be carried forward and applied to the tax liability for the 5
85	85	18 taxable years following the excess credit year. The tax credit
86	86	19 shall be applied to the earliest year for which there is a tax
87	87	20 liability. If there are credits for more than one year that are
88	88	21 available to offset liability, the earlier credit shall be
89	89	22 applied first.
90	90	23 Section 99. Effective date. This Act takes effect upon
91	91	24 becoming law.
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97	97	HB3513 - 2 - LRB103 25949 HLH 52301 b