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| 1 | AN ACT concerning revenue.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Income Tax Act is amended by | ||||||
| 5 | changing Section 210.5 as follows:
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| 6 | (35 ILCS 5/210.5)
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| 7 | Sec. 210.5. Tax credit for employee child care.
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| 8 | (a) Each corporate taxpayer is entitled
to a credit against | ||||||
| 9 | the tax imposed by subsections (a) and (b) of Section 201
in an | ||||||
| 10 | amount equal to (i) for taxable years ending on or after | ||||||
| 11 | December 31,
2000 and on or before December 31, 2004 and for | ||||||
| 12 | taxable years ending on or after December 31, 2007, 30% of the | ||||||
| 13 | start-up costs expended by
the corporate taxpayer to provide a | ||||||
| 14 | child care
facility for the children of its employees and
(ii) | ||||||
| 15 | for taxable years ending on or after December 31, 2000, 5% of | ||||||
| 16 | the annual
amount paid
by the corporate taxpayer in providing | ||||||
| 17 | the child care facility for the children
of its employees. The | ||||||
| 18 | provisions of Section 250 do not apply to the credits allowed | ||||||
| 19 | under this Section
5% credit
under item (ii) of this | ||||||
| 20 | subsection. If the 5% credit authorized under item
(ii) of this | ||||||
| 21 | subsection is claimed, the 5% credit authorized under Section | ||||||
| 22 | 210
cannot also be claimed.
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| 23 | To receive the tax credit under this Section a corporate | ||||||
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| 1 | taxpayer may either
independently provide and operate a child | ||||||
| 2 | care facility for the children of its
employees or it may join | ||||||
| 3 | in a partnership with one or more other corporations
to jointly | ||||||
| 4 | provide and operate a child care facility for the children of
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| 5 | employees of the corporations in the partnership.
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| 6 | (b) The tax credit may not reduce the taxpayer's liability | ||||||
| 7 | to less than
zero. If the amount of the tax credit exceeds the | ||||||
| 8 | tax liability for the year,
the excess may be carried forward | ||||||
| 9 | and applied to the tax liability of the 5
taxable years | ||||||
| 10 | following the excess credit year. The credit must be applied to
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| 11 | the earliest year for which there is a tax liability. If there | ||||||
| 12 | are credits
from more than one tax year that are available to | ||||||
| 13 | offset a liability, then the
earlier credit must be applied | ||||||
| 14 | first.
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| 15 | (c) As used in this Section, "start-up costs" means | ||||||
| 16 | planning,
site-preparation, construction, renovation, or | ||||||
| 17 | acquisition of a child care
facility. As used in this Section, | ||||||
| 18 | "child care facility" is limited to a child
care facility | ||||||
| 19 | located in Illinois.
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| 20 | (d) A corporate taxpayer claiming the credit provided by | ||||||
| 21 | this Section
shall maintain and record such information as the | ||||||
| 22 | Department may require by
rule regarding the child care | ||||||
| 23 | facility for which the credit is claimed.
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| 24 | (Source: P.A. 91-930, eff. 12-15-00.)
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| 25 | Section 99. Effective date. This Act takes effect upon | ||||||
| 26 | becoming law.
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