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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3957 Introduced , by Rep. Joe Sosnowski SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit equal to a percentage the federal child and dependent care credit received by the taxpayer. Provides that the credit shall be equal to: (i) 50% of the federal credit if the taxpayer's adjusted gross income is $25,000 or less; (ii) 30% of the federal credit if the taxpayer's adjusted gross income is more than $25,000 but not more than $35,000; and (iii) 10% of the federal credit if the taxpayer's adjusted gross income is more than $35,000. Provides that the credit may be refunded to the taxpayer. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3957 | | LRB099 10370 HLH 30597 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 224 as follows:
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| 6 | | (35 ILCS 5/224 new) |
| 7 | | Sec. 224. Federal child and dependent care credit. For |
| 8 | | taxable years beginning on or after January 1, 2016, with |
| 9 | | respect to the federal child and dependent care credit allowed |
| 10 | | for the taxable year under Section 21 of the federal Internal |
| 11 | | Revenue Code, 26 U.S.C. 21, each individual taxpayer is |
| 12 | | entitled to a credit against the tax imposed by subsections (a) |
| 13 | | and (b) of Section 201 in an amount equal to: (i) 50% of the |
| 14 | | federal credit if the taxpayer's adjusted gross income is |
| 15 | | $25,000 or less; (ii) 30% of the federal credit if the |
| 16 | | taxpayer's adjusted gross income is more than $25,000 but not |
| 17 | | more than $35,000; and (iii) 10% of the federal credit if the |
| 18 | | taxpayer's adjusted gross income is more than $35,000. |
| 19 | | If the amount of the credit exceeds the income tax |
| 20 | | liability for the applicable tax year, then the excess credit |
| 21 | | shall be refunded to the taxpayer. The amount of a refund shall |
| 22 | | not be included in the taxpayer's income or resources for the |
| 23 | | purposes of determining eligibility or benefit level in any |