99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3957

 

Introduced , by Rep. Joe Sosnowski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates a credit equal to a percentage the federal child and dependent care credit received by the taxpayer. Provides that the credit shall be equal to: (i) 50% of the federal credit if the taxpayer's adjusted gross income is $25,000 or less; (ii) 30% of the federal credit if the taxpayer's adjusted gross income is more than $25,000 but not more than $35,000; and (iii) 10% of the federal credit if the taxpayer's adjusted gross income is more than $35,000. Provides that the credit may be refunded to the taxpayer. Effective immediately.


LRB099 10370 HLH 30597 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3957LRB099 10370 HLH 30597 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Federal child and dependent care credit. For
8taxable years beginning on or after January 1, 2016, with
9respect to the federal child and dependent care credit allowed
10for the taxable year under Section 21 of the federal Internal
11Revenue Code, 26 U.S.C. 21, each individual taxpayer is
12entitled to a credit against the tax imposed by subsections (a)
13and (b) of Section 201 in an amount equal to: (i) 50% of the
14federal credit if the taxpayer's adjusted gross income is
15$25,000 or less; (ii) 30% of the federal credit if the
16taxpayer's adjusted gross income is more than $25,000 but not
17more than $35,000; and (iii) 10% of the federal credit if the
18taxpayer's adjusted gross income is more than $35,000.
19    If the amount of the credit exceeds the income tax
20liability for the applicable tax year, then the excess credit
21shall be refunded to the taxpayer. The amount of a refund shall
22not be included in the taxpayer's income or resources for the
23purposes of determining eligibility or benefit level in any

 

 

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1means-tested benefit program administered by a governmental
2entity unless required by federal law.
3    This Section is exempt from the provisions of Section 250.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.