IL HB5122

Creates a $500 annual income tax credit for full-time police officers, firefighters, and rescue workers for taxable years beginning January 1, 2024 through December 31, 2028.

Defines "police officer" as a law enforcement officer under the Line of Duty Compensation Act, "firefighter" as a fireman under that same act, and "rescue worker" as a person licensed as an EMR, EMT, EMT-I, A-EMT, or Paramedic under the Emergency Medical Services Systems Act.

Excess credits that exceed tax liability may be carried forward and applied to tax liabilities in the 5 following taxable years, with earlier year credits applied first.

The Department of Revenue may adopt rules for implementation of the credit.

Becomes effective immediately upon passage.