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(35 ILCS 5/210.5)
Sec. 210.5. Tax credit for employee child care.
(a) Each corporate taxpayer is entitled
to a credit against the tax imposed by subsections (a) and (b) of Section 201
in an amount equal to (i) for taxable years ending on or after December 31,
2000 and on or before December 31, 2004 and for taxable years ending on or after December 31, 2007, 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) for taxable years ending on or after December 31, 2000, 5% of the annual
amount paid
by the corporate taxpayer in providing the child care facility for the children
of its employees. The provisions of Section 250 do not apply to the credits allowed under this Section. If the 5% credit authorized under item
(ii) of this subsection is claimed, the 5% credit authorized under Section 210
cannot also be claimed.
To receive the tax credit under this Section a corporate taxpayer may either
independently provide and operate a child care facility for the children of its
employees or it may join in a partnership with one or more other corporations
to jointly provide and operate a child care facility for the children of
employees of the corporations in the partnership.
(b) The tax credit may not reduce the taxpayer's liability to less than
zero. If the amount of the tax credit exceeds the tax liability for the year,
the excess may be carried forward and applied to the tax liability of the 5
taxable years following the excess credit year. The credit must 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, then the
earlier credit must be applied first.
(c) As used in this Section, "start-up costs" means planning,
site-preparation, construction, renovation, or acquisition of a child care
facility. As used in this Section, "child care facility" is limited to a child
care facility located in Illinois.
(d) A corporate taxpayer claiming the credit provided by this Section
shall maintain and record such information as the Department may require by
rule regarding the child care facility for which the credit is claimed.
(Source: P.A. 95-648, eff. 10-11-07.)
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