State of Illinois
90th General Assembly
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90_HB1334

      35 ILCS 5/210
          Amends the Illinois Income Tax Act.  Makes the  dependent
      care   assistance   program  tax  credit  applicable  to  all
      taxpayers (now, taxpayers primarily engaged in manufacturing)
      beginning with tax years beginning on  or  after  January  1,
      1997.  Exempts the credit from the sunset provisions.
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 1        AN  ACT  to amend the Illinois Income Tax Act by changing
 2    Section 210.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Income Tax Act is amended by
 6    changing Section 210 as follows:
 7        (35 ILCS 5/210)
 8        Sec. 210. Dependent care assistance program tax credit.
 9        (a)  Beginning with tax years ending on or after June 30,
10    1995, each taxpayer who is primarily engaged in manufacturing
11    and, beginning with tax years beginning on or  after  January
12    1,  1997,  each  taxpayer is entitled to a credit against the
13    tax imposed by subsections (a) and (b) of Section 201  in  an
14    amount  equal  to  5%  of  the  amount of expenditures by the
15    taxpayer in the tax year for which  the  credit  is  claimed,
16    reported  pursuant  to  Section  129(d)(7)  of  the  Internal
17    Revenue  Code,  to  provide  in  the Illinois premises of the
18    taxpayer's  workplace  an  on-site  facility  dependent  care
19    assistance program under Section 129 of the Internal  Revenue
20    Code.   This  amendatory  Act  of  1997  is  exempt  from the
21    provisions of Section 250.
22        (b)  If the amount of credit exceeds  the  tax  liability
23    for  the  year, the excess may be carried forward and applied
24    to the tax liability of the 2  taxable  years  following  the
25    excess  credit  year.  The  credit  shall  be  applied to the
26    earliest year for which there is a tax  liability.  If  there
27    are credits from more than one tax year that are available to
28    offset  a  liability,  the  earlier  credit  shall be applied
29    first.
30        (c)  A taxpayer claiming  the  credit  provided  by  this
31    Section  shall  maintain  and  record such information as the
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 1    Department may require by regulation regarding the  dependent
 2    care  assistance  program  for  which credit is claimed. When
 3    claiming the credit provided by this  Section,  the  taxpayer
 4    shall  provide  such  information  regarding  the  taxpayer's
 5    provision  of  a  dependent  care  assistance  program  under
 6    Section 129 of the Internal Revenue Code.
 7    (Source: P.A. 88-505.)

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