Illinois Compiled Statutes
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35 ILCS 5/227
(35 ILCS 5/227)
(Text of Section from P.A. 100-587)
(a) Beginning with tax years ending on or after December 31, 2018, in the case of an individual taxpayer there shall be allowed a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to the amount of the federal adoption tax credit received pursuant to Section 23 of the Internal Revenue Code with respect to the adoption of a qualifying dependent child, subject to the limitations set forth in this subsection and subsection (b). The aggregate amount of qualified adoption expenses which may be taken into account under this Section for all taxable years with respect to the adoption of a qualifying dependent child by the taxpayer shall not exceed $2,000 ($1,000 in the case of a married individual filing a separate return). The credit under this Section shall be allowed: (i) in the case of any expense paid or incurred before the taxable year in which such adoption becomes final, for the taxable year following the taxable year during which such expense is paid or incurred, and (ii) in the case of an expense paid or incurred during or after the taxable year in which such adoption becomes final, for the taxable year in which such expense is paid or incurred. No credit shall be allowed under this Section for any expense to the extent that funds for such expense are received under any federal, State, or local program. For purposes of this Section, spouses filing a joint return shall be considered one taxpayer.
For a non-resident or part-year resident, the amount of the credit under this Section shall be in proportion to the amount of income attributable to this State.
(b) Increased credit amount for resident children. With respect to the adoption of an eligible child who is at least one year old and resides in Illinois at the time the expenses are paid or incurred, subsection (a) shall be applied by substituting $5,000 ($2,500 in the case of a married individual filing a separate return) for $2,000.
(c) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the income tax liability for the applicable tax 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 shall be applied to the earliest year for which there is a tax liability. If there are credits from more than one year that are available to offset a liability, the earlier credit shall be applied first.
(d) The term "qualified adoption expenses" shall have the same meaning as under Section 23(d) of the Internal Revenue Code.
(Source: P.A. 100-587, eff. 6-4-18.)
(Text of Section from P.A. 100-629)
Historic preservation credit.
tax years beginning on or after January 1, 2019 and ending on
or before December 31, 2023, a taxpayer who qualifies for a
credit under the Historic Preservation Tax Credit Act is entitled to a credit against the taxes
imposed under subsections (a) and (b) of Section 201 of this
Act as provided in that Act. If the taxpayer is a partnership
or Subchapter S corporation, the credit shall be allowed to the
partners or shareholders in accordance with the determination
of income and distributive share of income under Sections 702
and 704 and Subchapter S of the Internal Revenue Code.
If the amount of any tax credit awarded under this Section
exceeds the qualified taxpayer's income tax liability for the
year in which the qualified rehabilitation plan was placed in
service, the excess amount may be carried forward as
provided in the Historic Preservation Tax Credit Act.
(Source: P.A. 100-629, eff. 1-1-19.)