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90_HB1334eng
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.)