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SB 400 - Amends State Income Tax - Illinois Key Vote

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Title: Amends State Income Tax

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that amends the state income tax.

Highlights:

  • Specifies the amount of the “basic amount” used to calculate each individual taxpayer’s exemption in each of the following tax years (Sec. 204):
    • $2,000 until December 31, 2012;
    • $2,050 on or after December 31, 2012 until December 31, 2013; and
    • $2,050 plus the “cost-of-living adjustment,” on or after December 31, 2013.
  • Defines the “cost-of-living adjustment” as $2,050 multiplied by the percent by which the Consumer Price Index for the preceding year exceeds the Consumer Price Index for the 2011 calendar year (Sec. 204).
  • Specifies that if the cost-of-living adjustment is not a multiple of $25, it shall be rounded to the next lowest multiple of $25 (Sec. 204).
  • Authorizes an increase in the state earned income tax credit for individual taxpayers for each taxable year from 5 percent of the federal tax credit to the following amounts (Sec. 212):
    • 7.5 percent of federal tax credit on or after January 1, 2012 and prior to December 31, 2013; and
    • 10 percent of federal tax credit on or after January 1, 2013.

Full Bill Text

See How Your Politicians Voted

Title: Amends State Income Tax

Vote Smart's Synopsis:

Vote to pass a bill that amends the state income tax.

Highlights:

  • Specifies the amount of the “basic amount” used to calculate each individual taxpayer’s exemption in each of the following tax years (Sec. 204):
    • $2,000 until December 31, 2012;
    • $2,050 on or after December 31, 2012 until December 31, 2013; and
    • $2,050 plus the “cost-of-living adjustment,” on or after December 31, 2013.
  • Defines the “cost-of-living adjustment” as $2,050 multiplied by the percent by which the Consumer Price Index for the preceding year exceeds the Consumer Price Index for the 2011 calendar year (Sec. 204).
  • Specifies that if the cost-of-living adjustment is not a multiple of $25, it shall be rounded to the next lowest multiple of $25 (Sec. 204).
  • Authorizes an increase in the state earned income tax credit for individual taxpayers for each taxable year from 5 percent of the federal tax credit to the following amounts (Sec. 212):
    • 7.5 percent of federal tax credit on or after January 1, 2012 and prior to December 31, 2013; and
    • 10 percent of federal tax credit on or after January 1, 2013.

Full Bill Text

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