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90_SB1092
35 ILCS 5/210
Amends the Illinois Income Tax Act by allowing retailers
to claim the dependent care assistance program tax credit.
SDS/bill0003/dgp
SDS/bill0003/dgp
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 or retailing is entitled to a credit against the tax imposed
12 by subsections (a) and (b) of Section 201 in an amount equal
13 to 5% of the amount of expenditures by the taxpayer in the
14 tax year for which the credit is claimed, reported pursuant
15 to Section 129(d) (7) of the Internal Revenue Code, to
16 provide in the Illinois premises of the taxpayer's workplace
17 on on-site facility dependent care assistance program under
18 Section 129 of the Internal Revenue Code.
19 (b) If the amount of credit exceeds the tax liability
20 for the year, the excess may be carried forward and applied
21 to the tax liability of the 2 taxable years following the
22 excess credit year. The credit shall be applied to the
23 earliest year for which there is a tax liability. If there
24 are credits from more than one tax year that are available to
25 offset a liability, the earlier credit shall be applied
26 first.
27 (c) A taxpayer claiming the credit provided by this
28 Section shall maintain and record such information as the
29 Department may require by regulation regarding the dependent
30 care assistance program for which credit is claimed. When
31 claiming the credit provided by this Section, the taxpayer
32 shall provide such information regarding the taxpayer's
-2- SDS/bill0003/dgp
1 provision of a dependent care assistance program under
2 Section 129 of the Internal Revenue Code.
3 (Source: P.A. 88-505.)