HB 3950 Illinois House · 103rd Regular Session

INC TX-DEPENDENT TAX CREDIT

Summary

Amends the Illinois Income Tax Act. Creates an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2023

Committee Review

Floor Vote

Governor

Introduced Feb 17, 2023 Last action Jan 19, 2024

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Full legislative history

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Key actions

Committee

Mar 10, 2023

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 2, 2023

Lower · Passed

To Revenue-Income Tax Subcommittee

lower

Feb 28, 2023

Committee

Assigned to Revenue & Finance Committee

lower

Feb 17, 2023

Committee

Referred to Rules Committee

lower

1 primary · 14 co-sponsors

Sponsors

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Legislator

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State

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