IL SB2865

Amends the Illinois Income Tax Act to increase the earned income tax credit from the current 10% to a graduated percentage of the federal tax credit.

Credit increases to 12% for tax years 2014-2015, 14% for 2015-2016, 16% for 2016-2017, 18% for 2017-2018, and 20% for tax years beginning January 1, 2018 and thereafter.

Maintains existing provisions allowing refunds of excess credits to taxpayers for tax years beginning on or after January 1, 2003, with refunds excluded from income calculations for means-tested benefit programs.

Takes effect immediately upon becoming law.