State of Illinois
91st General Assembly

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 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.  Child and elderly care  expense  credit.   For
 9    taxable  years  2000  through 2004, every individual taxpayer
10    whose taxable income is $75,000 or less is entitled to a  tax
11    credit equal to 5% of the amount paid in the taxable year for
12    day care expenses for a dependent child of the taxpayer or an
13    elderly  dependent  of the taxpayer 65 years old or older. If
14    the amount of the credit exceeds the tax  liability  for  the
15    year,  the  excess  may be carried forward and applied to the
16    tax liability of the 5 taxable  years  following  the  excess
17    credit  year.   The  credit  shall be applied to the earliest
18    year for which there  is  a  tax  liability.   If  there  are
19    credits  from  more  than  one tax year that are available to
20    offset a liability,  the  earlier  credit  shall  be  applied
21    first.

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

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