91st General Assembly
Summary of SB1441
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Senate Sponsors:

Short description: 
INCOME TX-CORP CHILDCARE CREDT                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Provides  that  for  taxable      
   years  2000  through  2004,  each corporate taxpayer is entitled to an      
   income tax credit in an amount equal to (i) 30% of the start-up  costs      
   expended  by  the  corporate taxpayer to provide a child care facility      
   for the children of its employees and (ii) 5%  of  the  annual  amount      
   paid  or  expenses incurred by the corporate taxpayer in providing the      
   child care facility for the children of its employees.  Provides  that      
   if  the  5%  credit  authorized  under this Section is claimed, the 5%      
   dependent care assistance program tax credit cannot also  be  claimed.      
   Provides  that  a  corporate  taxpayer may provide and operate a child      
   care facility independently or in partnership with other corporations.      
   Allows an excess tax credit to be carried forward and applied  to  the      
   tax liability of the 5 taxable years following the excess credit year.      
   Effective immediately.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

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


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