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90_HB2786
35 ILCS 5/211 new
Amends the Illinois Income Tax Act to provide a tax
credit for taxpayers who employ 100 or fewer full-time
employees in an amount equal to the amounts spent by the
taxpayer for on-site child care for the taxpayer's employees.
Provides for a 3-year carry forward of excess credits.
Sunsets the credit after 5 years. Effective immediately.
LRB9010500KDks
LRB9010500KDks
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
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 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. On-site child care credit.
9 (a) Beginning with tax years ending on or after December
10 31, 1998 and ending with tax years ending on or before
11 December 31, 2002, each taxpayer who employs 100 or fewer
12 full-time employees is entitled to a credit against the tax
13 imposed under subsections (a) and (b) of Section 201 in an
14 amount equal to the amount expended by the taxpayer during
15 the tax year for on-site child care for the taxpayer's
16 employees.
17 (b) If the amount of credit exceeds the tax liability
18 for the year, the excess may be carried forward and applied
19 to the tax liability of the 3 taxable years following the
20 excess credit year. The credit shall be applied to the
21 earliest year for which there is a tax liability. If there
22 are credits from more than one tax year that are available to
23 offset a liability, the earlier credit shall be applied
24 first.
25 (c) A taxpayer is not entitled to take a credit under
26 this Section and Section 210.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.