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91_HB4477
LRB9112064SMmb
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
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 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Eldercare tax credit. For taxable years 2000
9 and thereafter, an individual taxpayer is entitled to a
10 credit against the taxes imposed by subsections (a) and (b)
11 of Section 201 in an amount equal to the amount of
12 expenditures during the taxable year for the care of an
13 individual 65 years of age or older who is claimed as a
14 dependent on the taxpayer's federal income tax return, but
15 the amount of the credit for the taxable year may be no more
16 than $1,000 or the taxpayer's tax liability for the year,
17 whichever is less. If the amount of a credit exceeds the tax
18 liability for the year, then the excess may be carried
19 forward and applied to the tax liability of the 2 taxable
20 years following the excess credit year. A credit shall be
21 applied to the earliest year for which there is a tax
22 liability. If there are credits from more than one taxable
23 year that are available to offset a liability, then the
24 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.