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91_HB1062
LRB9103316PTpk
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
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 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Eldercare tax credit. For taxable years
9 beginning on or after January 1, 1999, an individual taxpayer
10 is entitled to a credit against the taxes imposed by
11 subsections (a) and (b) of Section 201 in an amount equal to
12 the amount of expenditures during the taxable year for the
13 care of an individual 65 years of age or older who is claimed
14 as a dependent on the taxpayer's federal income tax return,
15 but the amount of the credit for the taxable year may be no
16 more than $1,000 or the taxpayer's tax liability for the
17 year, whichever is less. If the amount of a credit exceeds
18 the tax liability for the year, then the excess may be
19 carried forward and applied to the tax liability of the 2
20 taxable years following the excess credit year. A credit
21 shall be applied to the earliest year for which there is a
22 tax liability. If there are credits from more than one
23 taxable year that are available to offset a liability, then
24 the earlier credit shall be applied first. This Section is
25 exempt from the provisions of Section 250.
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.