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91_HB3853
LRB9112866SMdv
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 210.5.
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 210.5 as follows:
7 (35 ILCS 5/210.5 new)
8 Sec. 210.5. Tax credit for employee child care.
9 (a) For taxable years 2000 through 2004, each corporate
10 taxpayer is entitled to a credit against the tax imposed by
11 subsections (a) and (b) of Section 201 in an amount equal to
12 (i) 30% of the start-up costs expended by the corporate
13 taxpayer to provide a child care facility for the children of
14 its employees and (ii) 5% of the annual amount paid or
15 expenses incurred by the corporate taxpayer in providing the
16 child care facility for the children of its employees. If
17 the 5% credit authorized under item (ii) of this subsection
18 is claimed, the 5% credit authorized under Section 210 cannot
19 also be claimed.
20 To receive the tax credit under this Section a corporate
21 taxpayer may either independently provide and operate a child
22 care facility for the children of its employees or it may
23 join in a partnership with one or more other corporations to
24 jointly provide and operate a child care facility for the
25 children of employees of the corporations in the partnership.
26 (b) The tax credit may not reduce the taxpayer's
27 liability to less than zero. If the amount of the tax credit
28 exceeds the tax liability for the year, the excess may be
29 carried forward and applied to the tax liability of the 5
30 taxable years following the excess credit year. The credit
31 must be applied to the earliest year for which there is a tax
-2- LRB9112866SMdv
1 liability. If there are credits from more than one tax year
2 that are available to offset a liability, then the earlier
3 credit must be applied first.
4 (c) As used in this Section, "start-up costs" means
5 planning, site-preparation, construction, renovation, or
6 acquisition of a child care facility.
7 (d) A corporate taxpayer claiming the credit provided by
8 this Section shall maintain and record such information as
9 the Department may require by rule regarding the child care
10 facility for which the credit is claimed.
11 Section 99. Effective date. This Act takes effect upon
12 becoming law.