Full Text of HB5135 102nd General Assembly
HB5135 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB5135 Introduced 1/27/2022, by Rep. Aaron M. Ortiz SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Creates a child and dependent care credit equal to a percentage of the child and dependent care credit allowed to the taxpayer for federal income tax purposes under Section 21 of the Internal Revenue Code. Effective immediately.
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| | A BILL FOR |
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| | | HB5135 | | LRB102 25183 HLH 34447 b |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | adding Section 232 as follows: | 6 | | (35 ILCS 5/232 new) | 7 | | Sec. 232. Child and dependent care credit. | 8 | | (a) For taxable years beginning on or after January 1, | 9 | | 2023, each taxpayer with a federal adjusted gross income of | 10 | | less than $45,000 is entitled to a credit against the tax | 11 | | imposed under subsections (a) and (b) of Section 201 equal to a | 12 | | percentage of the child and dependent care credit allowed to | 13 | | the taxpayer for federal income tax purposes under Section 21 | 14 | | of the Internal Revenue Code. For the following federal | 15 | | adjusted gross income ranges, the taxpayer's credit shall be | 16 | | the percentage of the federal credit allowed to the taxpayer | 17 | | for federal income tax purposes under Section 21 of the | 18 | | Internal Revenue Code indicated: | 19 | | Less than $10,000, 75%. | 20 | | $10,000 or more, but less than $20,000, 65%. | 21 | | $20,000 or more, but less than $25,000, 55%. | 22 | | $25,000 or more, but less than $35,000, 50%. | 23 | | $35,000 or more, but less than $40,000, 40%. |
| | | HB5135 | - 2 - | LRB102 25183 HLH 34447 b |
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| 1 | | $40,000 or more, but less than $45,000, 30%. | 2 | | (b) The credit under this Section may not reduce the | 3 | | taxpayer's
liability to less than zero. If the amount of the | 4 | | credit or credits exceeds the taxpayer's liability, the excess | 5 | | may be refunded to the taxpayer. | 6 | | (c) This Section is exempt from the provisions of Section | 7 | | 250.
| 8 | | Section 99. Effective date. This Act takes effect upon | 9 | | becoming law.
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