State of Illinois
92nd General Assembly

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 1        AN ACT relating to taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Income Tax  Act  is  amended  by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec.  213.   Child  and elderly care expense credit.  For
 8    taxable years ending on or after December 31, 2002 and ending
 9    on or before December 30,  2007,  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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