State of Illinois
91st General Assembly

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]



 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.  Tax credit for employer provided day care  and
 9    child  care locator services.  For taxable years 2000 through
10    2004, each corporation is entitled to a  credit  against  the
11    tax  imposed  by subsections (a) and (b) of Section 201 in an
12    amount equal to (i) 15% of the amount  expended  in  the  tax
13    year  for  which  the credit is claimed by the corporation to
14    provide day  care  for  the  children  of  employees  of  the
15    corporation  on  the premises of the employee's workplace and
16    (ii) 10% of the amount expended in the tax year for which the
17    credit is claimed by the corporation to  provide  child  care
18    locator services for employees of the corporation.
19        The  tax  credit  may  not  reduce  the corporation's tax
20    liability to less than zero. If  the  amount  of  the  credit
21    exceeds  the  tax  liability  for the year, the excess may be
22    carried forward and applied to the tax  liability  of  the  2
23    taxable  years  following the excess credit year.  The credit
24    shall be applied to the earliest year for which  there  is  a
25    tax  liability.   If there are credits from more than one tax
26    year that are available to offset  the  liability,  then  the
27    earlier credit shall be applied first.

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

[ Top ]