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91_HB0169
LRB9100279PTbd
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Household and dependent care services credit.
9 For taxable years 1999 through 2004, each individual taxpayer
10 is entitled to a credit against the tax imposed by
11 subsections (a) and (b) of Section 201 in an amount equal to
12 20% of the credit allowed to the taxpayer for the same
13 taxable year for federal income tax purposes under Section 21
14 of the Internal Revenue Code for expenses for household and
15 dependent care services necessary for gainful employment.
16 The tax credit may not reduce the taxpayer's liability to
17 less than zero. If the amount of the tax credit exceeds the
18 tax liability for the year, the excess may be carried forward
19 and applied to the tax liability of the 2 taxable years
20 following the excess credit year. The credit shall be
21 applied to the earliest year for which there is a tax
22 liability. If there are credits from more than one taxable
23 year that are available to offset a liability, then the
24 earlier credit shall be applied first.
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.