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91_HB3349
LRB9110975SMdv
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
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 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Tax credit for employer provided day care and
9 child care locator services. For taxable years 2000 through
10 2004, each corporation is entitled to a credit against the
11 tax imposed by subsections (a) and (b) of Section 201 in an
12 amount equal to (i) 15% of the amount expended in the tax
13 year for which the credit is claimed by the corporation to
14 provide day care for the children of employees of the
15 corporation on the premises of the employee's workplace or
16 (ii) 10% of the amount expended in the tax year for which the
17 credit is claimed by the corporation to provide child care
18 locator services for employees of the corporation.
19 The tax credit may not reduce the corporation's tax
20 liability to less than zero. If the amount of the credit
21 exceeds the tax liability for the year, the excess may be
22 carried forward and applied to the tax liability of the 2
23 taxable years following the excess credit year. The credit
24 shall be applied to the earliest year for which there is a
25 tax liability. If there are credits from more than one tax
26 year that are available to offset the liability, then the
27 earlier credit shall be applied first.
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.