HB 597

Abstract

Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2008, allows small businesses that provide health care insurance for their employees to claim a tax credit in an amount equal to $100 for each employee covered, $50 for each spouse covered, and $40 for each dependent (up to 2 dependents) covered. Provides that the taxpayer may not carry the credit forward or back and that the credit may not reduce a taxpayer's liability to less than zero. Exempts the credit from the Act's sunset provisions. Effective immediately.