IL HB4474

Increases the Illinois earned income tax credit from 10% to a phased percentage of the federal tax credit, starting January 1, 2014.

Sets credit at 12% for tax years 2014-2015, 14% for 2015-2016, 16% for 2016-2017, 18% for 2017-2018, and 20% for 2018 and beyond.

Maintains existing provisions allowing excess credits to be refunded to taxpayers beginning in tax year 2003.

Applies proportional credit amounts to non-residents and part-year residents based on income attributable to Illinois.

Takes effect immediately upon becoming law.