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IL HB2595

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Adam Niemerg

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Creates an income tax credit of $1,500 for each dependent claimed by a taxpayer under Section 152 of the Internal Revenue Code
  • Credit applies to taxable years beginning on or after January 1, 2024
  • Credit reduces Illinois income tax liability but cannot reduce it below zero
  • Department of Revenue may adopt rules to implement the credit provisions
  • Takes effect immediately upon becoming law

Legislative Description

INC TX-DEPENDENT TAX CREDIT

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules3/10/2023
Revenue: Income Tax3/9/2023
Revenue & Finance2/28/2023
Rules2/15/2023

Full Bill Text

No bill text available