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IL HB0297

Bill

Official Source

Status

Introduced

1/26/2015

Primary Sponsor

Jack Franks

Click for details

Origin

House of Representatives

99th General Assembly

AI Summary

  • Increases the Illinois earned income tax credit from 10% to 15% of the federal earned income tax credit for taxable years beginning on or after January 1, 2015
  • Maintains the previous credit percentages for earlier tax years: 5% for 2000-2011, 7.5% for 2012, and 10% for 2013-2014
  • Allows non-residents and part-year residents to claim a proportional credit based on income attributable to Illinois
  • Permits excess credits to be refunded to taxpayers beginning with taxable years starting January 1, 2003
  • Takes effect immediately upon becoming law

Legislative Description

INC TX-EARNED INCOME CREDIT

Last Action

Added Co-Sponsor Rep. Sue Scherer

6/4/2015

Committee Referrals

Rules3/27/2015
Income Tax2/20/2015
Revenue & Finance2/13/2015
Rules1/27/2015

Full Bill Text

No bill text available