103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3678 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers who participate in an apprenticeship program during the taxable year. Provides that the credit is equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program, not to exceed $1,000 per taxpayer. Effective immediately. LRB103 29483 HLH 55878 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3678 Introduced , by Rep. Harry Benton 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 individual taxpayers who participate in an apprenticeship program during the taxable year. Provides that the credit is equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program, not to exceed $1,000 per taxpayer. Effective immediately. LRB103 29483 HLH 55878 b LRB103 29483 HLH 55878 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3678 Introduced , by Rep. Harry Benton 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 individual taxpayers who participate in an apprenticeship program during the taxable year. Provides that the credit is equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program, not to exceed $1,000 per taxpayer. Effective immediately.
LRB103 29483 HLH 55878 b LRB103 29483 HLH 55878 b
LRB103 29483 HLH 55878 b
A BILL FOR
HB3678LRB103 29483 HLH 55878 b HB3678 LRB103 29483 HLH 55878 b
HB3678 LRB103 29483 HLH 55878 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. Apprenticeship credit.
8 (a) For taxable years beginning on or after January 1,
9 2024, each individual taxpayer who participates in an
10 apprenticeship program during the taxable year is entitled to
11 a credit against the taxes imposed by subsections (a) and (b)
12 of Section 201 in an amount equal to the unreimbursed expenses
13 incurred by the taxpayer to purchase equipment that is
14 necessary for participation in the apprenticeship program. The
15 amount of the credit may not exceed $1,000 per taxpayer in any
16 taxable year.
17 (b) In no event shall a credit under this Section reduce a
18 taxpayer's liability to less than zero. If the amount of
19 credit exceeds the tax liability for the year, the excess may
20 be refunded to the taxpayer.
21 (c) This Section is exempt from the provisions of Section
22 250.
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3678 Introduced , by Rep. Harry Benton 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 individual taxpayers who participate in an apprenticeship program during the taxable year. Provides that the credit is equal to the unreimbursed expenses incurred by the taxpayer to purchase equipment that is necessary for participation in the apprenticeship program, not to exceed $1,000 per taxpayer. Effective immediately.
LRB103 29483 HLH 55878 b LRB103 29483 HLH 55878 b
LRB103 29483 HLH 55878 b
A BILL FOR
35 ILCS 5/234 new
LRB103 29483 HLH 55878 b
HB3678 LRB103 29483 HLH 55878 b
HB3678- 2 -LRB103 29483 HLH 55878 b HB3678 - 2 - LRB103 29483 HLH 55878 b
HB3678 - 2 - LRB103 29483 HLH 55878 b
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.
HB3678 - 2 - LRB103 29483 HLH 55878 b