97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5118

 

Introduced 2/8/2012, by Rep. Wayne Rosenthal

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/222 new

    Amends the Illinois Income Tax Act. Creates a tax credit for a taxpayer who: (i) is allowed the federal Child and Dependent Care Credit; and (ii) is a member or spouse of a member of the Armed Forces of the United States, the Illinois National Guard, or any reserve component of the Armed Forces of the United States, who was deployed during the taxable year on active military duty outside the United States and its territories. Provides that the amount of the credit is the lesser of $1,000 or the amount of the federal tax credit. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.


LRB097 15672 HLH 60814 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5118LRB097 15672 HLH 60814 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 222 as follows:
 
6    (35 ILCS 5/222 new)
7    Sec. 222. Veterans' child care credit.
8    (a) For taxable years ending on or after December 31, 2012
9and before December 31, 2017, an individual taxpayer is
10entitled to a credit against the tax imposed under subsections
11(a) and (b) of Section 201 if that taxpayer: (i) is allowed the
12federal Child and Dependent Care Credit under Section 21 of the
13Internal Revenue Code (26 U.S.C. 21); and (ii) is a member or
14spouse of a member of the Armed Forces of the United States,
15the Illinois National Guard, or any reserve component of the
16Armed Forces of the United States, who was deployed during the
17taxable year on active military duty outside the United States
18and its territories. The amount of the credit under this
19Section is an amount equal to the lesser of (i) $1,000 or (ii)
20the amount of the federal tax credit.
21    (b) The credit under this Section may not be carried
22forward or back and may not reduce the taxpayer's liability to
23less than zero.
 

 

 

HB5118- 2 -LRB097 15672 HLH 60814 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.