IL HB3958

Creates a new income tax credit for married persons filing joint returns for taxable years beginning January 1, 2016 or later.

Credit equals 3% of the federal adjusted gross income of the spouse with the lower federal adjusted gross income, capped at $480 per taxable year.

Credit cannot reduce tax liability below zero and may not be carried forward or backward, but excess amounts may be refunded to the taxpayer.

Exempts the credit from Section 250 of the Illinois Income Tax Act.

Takes effect immediately upon becoming law.