IL
Illinois House Bill HB3635

Illinois 2023-2024 Regular Session

Illinois House Bill HB3635 Compare Versions

Only one version of the bill is available at this time.
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11 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
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
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55 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.
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1111 1 AN ACT concerning revenue.
1212 2 Be it enacted by the People of the State of Illinois,
1313 3 represented in the General Assembly:
1414 4 Section 5. The Illinois Income Tax Act is amended by
1515 5 adding Section 234 as follows:
1616 6 (35 ILCS 5/234 new)
1717 7 Sec. 234. Renter's credit.
1818 8 (a) For taxable years beginning on or after January 1,
1919 9 2024, each qualified taxpayer is entitled to a tax credit as
2020 10 provided in this Section. If the taxpayer is married filing a
2121 11 joint return, then the amount of the credit is $1,000 for both
2222 12 taxpayers as a single unit. For all other individual
2323 13 taxpayers, the amount of the credit is $500.
2424 14 (b) The credit or credits may not reduce the taxpayer's
2525 15 liability to less than zero. Excess credit amounts may not be
2626 16 refunded to the taxpayer.
2727 17 (c) As used in this Section, "qualified taxpayer" means an
2828 18 individual taxpayer who:
2929 19 (1) paid rent on the taxpayer's personal residence in
3030 20 Illinois for at least 6 months during the taxable year;
3131 21 (2) is not claimed as a dependent on someone else's
3232 22 federal income taxes for the taxable year; and
3333 23 (3) has a federal adjusted gross income of less than
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3737 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
3838 35 ILCS 5/234 new 35 ILCS 5/234 new
3939 35 ILCS 5/234 new
4040 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.
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4343 A BILL FOR
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6868 1 $83,250, if the taxpayer is married filing a joint return,
6969 2 or $40,770, if the taxpayer is not married filing a joint
7070 3 return.
7171 4 (d) This Section is exempt from the provisions of Section
7272 5 250.
7373 6 Section 99. Effective date. This Act takes effect upon
7474 7 becoming law.
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