IL HB5155

Creates an "inflation protection credit" for taxable year 2022 under the Illinois Income Tax Act.

Provides a tax credit of $400 for taxpayers filing joint returns and $200 for all other taxpayers.

Limits eligibility to qualified taxpayers who are U.S. citizens or resident aliens, not claimed as dependents, with federal adjusted gross income not exceeding $150,000 (joint filers), $112,500 (head of household), or $75,000 (single filers).

Allows excess credits to be refunded to taxpayers if the credit exceeds their tax liability for the year.

Takes effect immediately upon becoming law.