Bill Text: IL SB3104 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a child care credit in an amount equal to 25% of the federal tax credit for each qualifying child. Effective immediately.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced) 2024-06-12 - Added as Co-Sponsor Sen. Erica Harriss [SB3104 Detail]

Download: Illinois-2023-SB3104-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3104 Introduced 2/2/2024, by Sen. Jil Tracy SYNOPSIS AS INTRODUCED:
35 ILCS 5/241 new
Amends the Illinois Income Tax Act. Creates a child care credit in an amount equal to 25% of the federal tax credit for each qualifying child. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
adding Section 241 as follows:
(35 ILCS 5/241 new)
Sec. 241. Child care credit.
(a) For taxable years beginning on or after January 1,
2025, each qualified individual taxpayer is entitled to a
credit against the tax imposed by subsections (a) and (b) of
Section 201 in an amount equal to 25% of the federal tax credit
allowed to the taxpayer for each qualifying child for the
taxable year under Section 24 of the federal Internal Revenue
Code.
For a non-resident or part-year resident, the amount of
the credit under this Section shall be in proportion to the
amount of income attributable to this State.
(b) If the amount of the credit exceeds the income tax
liability for the applicable tax year, then the excess credit
shall be refunded to the taxpayer. The amount of any refunded
credit under this Section shall not be included in the
taxpayer's income or resources for the purposes of determining
eligibility or benefit level in any means-tested benefit

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program administered by a governmental entity, unless required
by federal law.
(c) For purposes of this Section:
"Qualified individual taxpayer" means a taxpayer who
may claim one or more qualifying children as dependents
and whose federal adjusted gross income is less than or
equal to the threshold amount, as defined in Section 24 of
the Internal Revenue Code.
"Qualifying child" means a child who is 13 years of
age or younger and who may be claimed as a dependent on the
taxpayer's federal income tax return under the Internal
Revenue Code.
(d) This Section is exempt from the provisions of Section
250.