(35 ILCS 5/210)
Dependent care assistance program tax credit.
(a) Beginning with tax years ending on or after June 30, 1995, each taxpayer
who is primarily engaged in manufacturing is entitled to a credit against the
tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 5%
of the amount of expenditures by the taxpayer in the tax year for which the
credit is claimed, reported pursuant to Section 129(d)(7) of the Internal
Revenue Code, to provide in the Illinois premises of the taxpayer's workplace
an on-site facility dependent care assistance program under Section 129 of the
Internal Revenue Code.
(b) If the amount of credit exceeds the tax liability for the year, the
excess may be carried forward and applied to the tax liability of the 2 taxable
years following the excess credit year. The credit shall be applied to the
earliest year for which there is a tax liability. If there are credits from
more than one tax year that are available to offset a liability, the earlier
credit shall be applied first.
(c) A taxpayer claiming the credit provided by this Section shall maintain
and record such information as the Department may require by regulation
regarding the dependent care assistance program for which credit is claimed.
When claiming the credit provided by this Section, the taxpayer shall provide
such information regarding the taxpayer's provision of a dependent care
assistance program under Section 129 of the Internal Revenue Code.
(Source: P.A. 88-505.)