Bill Text: IL HB5135 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates a child and dependent care credit equal to a percentage of the child and dependent care credit allowed to the taxpayer for federal income tax purposes under Section 21 of the Internal Revenue Code. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-27 - Referred to Rules Committee [HB5135 Detail]
Download: Illinois-2021-HB5135-Introduced.html
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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 | |||||||||||||||||||
5 | adding Section 232 as follows:
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6 | (35 ILCS 5/232 new) | |||||||||||||||||||
7 | Sec. 232. Child and dependent care credit. | |||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, | |||||||||||||||||||
9 | 2023, each taxpayer with a federal adjusted gross income of | |||||||||||||||||||
10 | less than $45,000 is entitled to a credit against the tax | |||||||||||||||||||
11 | imposed under subsections (a) and (b) of Section 201 equal to a | |||||||||||||||||||
12 | percentage of the child and dependent care credit allowed to | |||||||||||||||||||
13 | the taxpayer for federal income tax purposes under Section 21 | |||||||||||||||||||
14 | of the Internal Revenue Code. For the following federal | |||||||||||||||||||
15 | adjusted gross income ranges, the taxpayer's credit shall be | |||||||||||||||||||
16 | the percentage of the federal credit allowed to the taxpayer | |||||||||||||||||||
17 | for federal income tax purposes under Section 21 of the | |||||||||||||||||||
18 | Internal Revenue Code indicated: | |||||||||||||||||||
19 | Less than $10,000, 75%. | |||||||||||||||||||
20 | $10,000 or more, but less than $20,000, 65%. | |||||||||||||||||||
21 | $20,000 or more, but less than $25,000, 55%. | |||||||||||||||||||
22 | $25,000 or more, but less than $35,000, 50%. | |||||||||||||||||||
23 | $35,000 or more, but less than $40,000, 40%. |
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1 | $40,000 or more, but less than $45,000, 30%. | ||||||
2 | (b) The credit under this Section may not reduce the | ||||||
3 | taxpayer's
liability to less than zero. If the amount of the | ||||||
4 | credit or credits exceeds the taxpayer's liability, the excess | ||||||
5 | may be refunded to the taxpayer. | ||||||
6 | (c) This Section is exempt from the provisions of Section | ||||||
7 | 250.
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8 | Section 99. Effective date. This Act takes effect upon | ||||||
9 | becoming law.
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