Illinois 2023-2024 Regular Session

Illinois House Bill HB3950 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 HB3950 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately. LRB103 27522 HLH 57537 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3950 Introduced , by Rep. Marcus C. Evans, Jr. 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 dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately. LRB103 27522 HLH 57537 b LRB103 27522 HLH 57537 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3950 Introduced , by Rep. Marcus C. Evans, Jr. 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 an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.
6	6	LRB103 27522 HLH 57537 b LRB103 27522 HLH 57537 b
7	7	LRB103 27522 HLH 57537 b
8	8	A BILL FOR
9	9	HB3950LRB103 27522 HLH 57537 b HB3950 LRB103 27522 HLH 57537 b
10	10	HB3950 LRB103 27522 HLH 57537 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. Dependent tax credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2024, there shall be allowed a credit against the tax imposed
20	20	10 by subsections (a) and (b) of Section 201 in an amount
21	21	11 calculated under subsection (b). If the amount of the credit
22	22	12 exceeds the taxpayer's income tax liability under this Act for
23	23	13 the applicable tax year, then the excess credit shall be
24	24	14 refunded to the taxpayer. Each individual taxpayer, including
25	25	15 a taxpayer filing a return using a federal individual taxpayer
26	26	16 identification number as prescribed under Section 6109 of the
27	27	17 Internal Revenue Code, is entitled to the credit under this
28	28	18 Section.
29	29	19 (b) The maximum amount of the credit allowed under this
30	30	20 Section is $700 per qualified dependent of the taxpayer;
31	31	21 however, that amount shall be reduced by $24 for each $1,000 by
32	32	22 which the taxpayer's net income exceeds $75,000 in the case of
33	33	23 a joint return or $50,000 in the case of any other form of
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3950 Introduced , by Rep. Marcus C. Evans, Jr. 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 an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.
41	41	LRB103 27522 HLH 57537 b LRB103 27522 HLH 57537 b
42	42	LRB103 27522 HLH 57537 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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67	67	HB3950 - 2 - LRB103 27522 HLH 57537 b
68	68	1 return.
69	69	2 (c) The amount of a refund shall not be included in the
70	70	3 taxpayer's income or resources for the purposes of determining
71	71	4 eligibility or benefit level in any means-tested benefit
72	72	5 program administered by a governmental entity unless required
73	73	6 by federal law.
74	74	7 (d) As used in this Section, "qualified dependent" means a
75	75	8 person who is a dependent of the taxpayer under Section 152 of
76	76	9 the Internal Revenue Code, has the same principal place of
77	77	10 abode as the taxpayer for more than 50% of the taxable year,
78	78	11 and either is (i) 17 years of age or younger during the taxable
79	79	12 year or (ii) physically or mentally incapable of caring for
80	80	13 himself or herself, as determined under Section 21(b)(1)(B) of
81	81	14 the Internal Revenue Code.
82	82	15 (e) The Department of Revenue may adopt rules necessary or
83	83	16 appropriate to carry out the purposes of this Section.
84	84	17 (f) This Section is exempt from Section 250.
85	85	18 Section 99. Effective date. This Act takes effect upon
86	86	19 becoming law.
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92	92	HB3950 - 2 - LRB103 27522 HLH 57537 b