HB3342 98TH GENERAL ASSEMBLY

LRB098 08232 HLH 38330 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3342

Introduced , by Rep. Wayne Rosenthal

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates a tax credit for a taxpayer who: (i) is allowed the federal Child and Dependent Care Credit; and (ii) is a member or spouse of a member of the Armed Forces of the United States, the Illinois National Guard, or any reserve component of the Armed Forces of the United States, who was deployed during the taxable year on active military duty outside the United States and its territories. Provides that the amount of the credit is the lesser of $1,000 or the amount of the federal tax credit. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Veterans' child care credit.

(a) For taxable years ending on or after December 31, 2013 and on or before December 30, 2018, an individual taxpayer is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 if that taxpayer: (i) is allowed the federal Child and Dependent Care Credit under Section 21 of the Internal Revenue Code (26 U.S.C. 21); and (ii) is a member or spouse of a member of the Armed Forces of the United States, the Illinois National Guard, or any reserve component of the Armed Forces of the United States, who was deployed during the taxable year on active military duty outside the United States and its territories. The amount of the credit under this Section is an amount equal to the lesser of (i) $1,000 or (ii) the amount of the federal tax credit.

(b) The credit under this Section may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect upon becoming law.