103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4960 Introduced 2/7/2024, by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or domestic violence service program administered by the Department of Human Services in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year. Effective immediately. LRB103 38894 HLH 69031 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4960 Introduced 2/7/2024, by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or domestic violence service program administered by the Department of Human Services in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year. Effective immediately. LRB103 38894 HLH 69031 b LRB103 38894 HLH 69031 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4960 Introduced 2/7/2024, by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
35 ILCS 5/241 new 35 ILCS 5/241 new
35 ILCS 5/241 new
Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or domestic violence service program administered by the Department of Human Services in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year. Effective immediately.
LRB103 38894 HLH 69031 b LRB103 38894 HLH 69031 b
LRB103 38894 HLH 69031 b
A BILL FOR
HB4960LRB103 38894 HLH 69031 b HB4960 LRB103 38894 HLH 69031 b
HB4960 LRB103 38894 HLH 69031 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 241 as follows:
6 (35 ILCS 5/241 new)
7 Sec. 241. Domestic violence shelter tax credit.
8 (a) For tax years beginning on or after January 1, 2025,
9 each taxpayer who makes a contribution during the taxable year
10 to a domestic violence shelter or service program administered
11 by the Department of Human Services under the Domestic
12 Violence Shelters Act is entitled to a credit against the tax
13 imposed by subsections (a) and (b) of Section 201 in an amount
14 equal to 70% of the contribution amount, but not to exceed
15 $50,000 per taxpayer in any taxable year.
16 (b) In no event shall a credit under this Section reduce
17 the taxpayer's liability to less than zero. If the amount of
18 the credit exceeds the tax liability for the year, the excess
19 may be carried forward and applied to the tax liability of the
20 next succeeding taxable year. Tax credits issued pursuant to
21 this Section shall not be assigned, transferred, or sold.
22 (c) Except for any excess credit that is carried over
23 pursuant to subsection (b), a taxpayer may not claim a tax
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4960 Introduced 2/7/2024, by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
35 ILCS 5/241 new 35 ILCS 5/241 new
35 ILCS 5/241 new
Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or domestic violence service program administered by the Department of Human Services in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year. Effective immediately.
LRB103 38894 HLH 69031 b LRB103 38894 HLH 69031 b
LRB103 38894 HLH 69031 b
A BILL FOR
35 ILCS 5/241 new
LRB103 38894 HLH 69031 b
HB4960 LRB103 38894 HLH 69031 b
HB4960- 2 -LRB103 38894 HLH 69031 b HB4960 - 2 - LRB103 38894 HLH 69031 b
HB4960 - 2 - LRB103 38894 HLH 69031 b
1 credit under this Section unless the total amount of the
2 taxpayer's contributions to domestic violence shelters,
3 service programs, or both during the taxable year a has a value
4 of at least $100.
5 (d) As used in this Section, "contribution" means a
6 donation of cash, stock, bonds or other marketable securities,
7 or real property.
HB4960 - 2 - LRB103 38894 HLH 69031 b