91st General Assembly
Summary of HB1062
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House Sponsors:

Short description: 
INC TX-ELDERCARE TAX CREDIT                                                

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Grants a credit against  the      
   tax  imposed  by  the  Act  in  the  amount of expenditures during the      
   taxable year for the care of an individual 65 years of  age  or  older      
   who  is  claimed  as  a dependent on the taxpayer's federal income tax      
   return.  Provides that the amount of the credit for the  taxable  year      
   may  be  no  more  than $1,000 or the taxpayer's tax liability for the      
   year, whichever is less.   Allows  an  excess  credit  to  be  carried      
   forward  to  the tax liability of 2 succeeding taxable years.  Exempts      
   the credit from the Act's sunset requirement.  Effective immediately.       
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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