HB2792 Summary

• Expands earned income tax credit eligibility for Illinois taxpayers age 65 or older beginning January 1, 2021, removing the federal age restriction that would otherwise disqualify them.

• Expands earned income tax credit eligibility for Illinois taxpayers age 18 to 24 beginning January 1, 2021, removing the federal age 25 minimum requirement.

• Allows taxpayers filing with individual tax identification numbers (other than Social Security numbers) to claim the earned income tax credit beginning January 1, 2021, without federal restrictions.

• Creates a new eligible dependent tax credit effective January 1, 2022, providing caregivers of young children (under age 6), elderly dependents (age 70+), and disabled individuals with a minimum $600 credit.

• Ensures combined credits from both the earned income tax credit and eligible dependent tax credit total at least $600 per taxpayer per year, with excess amounts refunded and excluded from means-tested benefit calculations.