HB3567 Summary

• Creates a tax credit equal to 10% of long-term care insurance premiums paid by individual taxpayers during the taxable year, effective for tax years ending on or after December 31, 2015.

• Allows excess credits to be carried forward and applied to tax liability for up to 5 taxable years following the year the excess credit arose.

• Prohibits carryback of unused credits; credits must be applied to the earliest year with available tax liability.

• Exempts the credit from the Illinois Income Tax Act's automatic sunset provisions under Section 250.

• Takes effect immediately upon becoming law.