Marlow H. Colvin
- Democratic
Primary
Amends the Illinois Income Tax Act. Creates a credit in the amount of $50 for each exemption allowable to the taxpayer for the taxable year under Section 151 of the Internal Revenue Code for a dependent who is under the age of 18 on the last day of the taxable year. Provides that, if the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Effective immediately.
No votes to display
Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Revenue & Finance Committee
Filed with the Clerk by Rep. Marlow H. Colvin
First Reading
Referred to Rules Committee
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