Illinois HB1324 introduces a $500 income tax credit for full-time police officers, firefighters, and rescue workers.
Illinois HB1324 amends the Illinois Income Tax Act to create a $500 tax credit for individuals serving as full-time police officers, firefighters, or rescue workers during the taxable year. The credit applies to taxable years starting between January 1, 2025, and January 1, 2030. If the credit exceeds the tax liability for a year, the excess can be carried forward to subsequent years. The credit cannot reduce a taxpayer's liability to less than zero. Definitions for "firefighter," "police officer," and "rescue worker" align with existing state statutes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.