SB 2811

Abstract

Amends the Illinois Income Tax Act. Provides that, for 5 taxable years, each taxpayer is entitled to an income tax credit in the amount of 5% of the amount spent by the taxpayer in the taxable year for health insurance premiums for the taxpayer, the taxpayer's spouse, and dependents of the taxpayer. Provides that the tax credit may not reduce the taxpayer's liability to less than zero and may not be carried forward or back. Effective July 1, 2004.