103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately. LRB103 29643 HLH 56040 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately. LRB103 29643 HLH 56040 b LRB103 29643 HLH 56040 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid 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 for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately.
LRB103 29643 HLH 56040 b LRB103 29643 HLH 56040 b
LRB103 29643 HLH 56040 b
A BILL FOR
HB3635LRB103 29643 HLH 56040 b HB3635 LRB103 29643 HLH 56040 b
HB3635 LRB103 29643 HLH 56040 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. Renter's credit.
8 (a) For taxable years beginning on or after January 1,
9 2024, each qualified taxpayer is entitled to a tax credit as
10 provided in this Section. If the taxpayer is married filing a
11 joint return, then the amount of the credit is $1,000 for both
12 taxpayers as a single unit. For all other individual
13 taxpayers, the amount of the credit is $500.
14 (b) The credit or credits may not reduce the taxpayer's
15 liability to less than zero. Excess credit amounts may not be
16 refunded to the taxpayer.
17 (c) As used in this Section, "qualified taxpayer" means an
18 individual taxpayer who:
19 (1) paid rent on the taxpayer's personal residence in
20 Illinois for at least 6 months during the taxable year;
21 (2) is not claimed as a dependent on someone else's
22 federal income taxes for the taxable year; and
23 (3) has a federal adjusted gross income of less than
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid 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 for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately.
LRB103 29643 HLH 56040 b LRB103 29643 HLH 56040 b
LRB103 29643 HLH 56040 b
A BILL FOR
35 ILCS 5/234 new
LRB103 29643 HLH 56040 b
HB3635 LRB103 29643 HLH 56040 b
HB3635- 2 -LRB103 29643 HLH 56040 b HB3635 - 2 - LRB103 29643 HLH 56040 b
HB3635 - 2 - LRB103 29643 HLH 56040 b
1 $83,250, if the taxpayer is married filing a joint return,
2 or $40,770, if the taxpayer is not married filing a joint
3 return.
4 (d) This Section is exempt from the provisions of Section
5 250.
6 Section 99. Effective date. This Act takes effect upon
7 becoming law.
HB3635 - 2 - LRB103 29643 HLH 56040 b