Illinois 2023-2024 Regular Session

Illinois Senate Bill SB2718 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2718 Introduced 1/10/2024, by Sen. Sue Rezin SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are employed as an early childhood teacher or an early childhood assistant during the taxable year and who have a federal adjusted gross income for the taxable year of $75,000 or less. Provides that, for taxable years beginning on January 1, 2025 and beginning before January 1, 2026, the amount of the credit is $1,000. Provides that, for subsequent taxable years, the credit amount shall be adjusted by the percentage increase, if any, in the Consumer Price Index for the preceding calendar year. LRB103 36970 HLH 67084 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2718 Introduced 1/10/2024, by Sen. Sue Rezin 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 taxpayers who are employed as an early childhood teacher or an early childhood assistant during the taxable year and who have a federal adjusted gross income for the taxable year of $75,000 or less. Provides that, for taxable years beginning on January 1, 2025 and beginning before January 1, 2026, the amount of the credit is $1,000. Provides that, for subsequent taxable years, the credit amount shall be adjusted by the percentage increase, if any, in the Consumer Price Index for the preceding calendar year. LRB103 36970 HLH 67084 b LRB103 36970 HLH 67084 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2718 Introduced 1/10/2024, by Sen. Sue Rezin SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/241 new 35 ILCS 5/241 new
4	4	35 ILCS 5/241 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are employed as an early childhood teacher or an early childhood assistant during the taxable year and who have a federal adjusted gross income for the taxable year of $75,000 or less. Provides that, for taxable years beginning on January 1, 2025 and beginning before January 1, 2026, the amount of the credit is $1,000. Provides that, for subsequent taxable years, the credit amount shall be adjusted by the percentage increase, if any, in the Consumer Price Index for the preceding calendar year.
6	6	LRB103 36970 HLH 67084 b LRB103 36970 HLH 67084 b
7	7	LRB103 36970 HLH 67084 b
8	8	A BILL FOR
9	9	SB2718LRB103 36970 HLH 67084 b SB2718 LRB103 36970 HLH 67084 b
10	10	SB2718 LRB103 36970 HLH 67084 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 241 as follows:
16	16	6 (35 ILCS 5/241 new)
17	17	7 Sec. 241. Early Childhood Educator Tax Credit.
18	18	8 (a) As used in this Act:
19	19	9 "Consumer Price Index-u" means the index published by the
20	20	10 Bureau of Labor Statistics of the United States Department of
21	21	11 Labor that measures the average change in prices of goods and
22	22	12 services purchased by all urban consumers, United States city
23	23	13 average, all items, 1982-84=100.
24	24	14 "Early childhood assistant" means a person who is employed
25	25	15 by and working in a child care center as an early childhood
26	26	16 assistant and who meets the qualifications to be an early
27	27	17 childhood assistant set forth in 89 Ill. Adm. Code 407.150.
28	28	18 "Early childhood educator credit amount" means:
29	29	19 (1) for taxable years beginning on January 1, 2025 and
30	30	20 beginning before January 1, 2026, $1,000; and
31	31	21 (2) for taxable years beginning on or after January 1,
32	32	22 2025, the early childhood educator credit amount for the
33	33	23 immediately preceding calendar year, multiplied by one
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2718 Introduced 1/10/2024, by Sen. Sue Rezin SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/241 new 35 ILCS 5/241 new
39	39	35 ILCS 5/241 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are employed as an early childhood teacher or an early childhood assistant during the taxable year and who have a federal adjusted gross income for the taxable year of $75,000 or less. Provides that, for taxable years beginning on January 1, 2025 and beginning before January 1, 2026, the amount of the credit is $1,000. Provides that, for subsequent taxable years, the credit amount shall be adjusted by the percentage increase, if any, in the Consumer Price Index for the preceding calendar year.
41	41	LRB103 36970 HLH 67084 b LRB103 36970 HLH 67084 b
42	42	LRB103 36970 HLH 67084 b
43	43	A BILL FOR
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49	49	35 ILCS 5/241 new
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