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90_SB1517
35 ILCS 5/210
Amends the Illinois Income Tax Act. Provides that for
tax years ending on or after December 31, 1998, the dependent
care assistance program tax credit shall be available to
manufacturers and retailers (now manufacturers) and shall be
in an amount equal to 10% (now 5%) of the amount of
expenditures by the taxpayer in the tax year reported under
Section 129 of the Internal Revenue Code to provide in the
Illinois premises of the taxpayer's workplace an on-site
facility dependent care assistance program under Section 129
of the Internal Revenue Code.
LRB9011362KDgc
LRB9011362KDgc
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 and ending with tax years ending on or before December
11 30, 1998, each taxpayer who is primarily engaged in
12 manufacturing is entitled to a credit against the tax imposed
13 by subsections (a) and (b) of Section 201 in an amount equal
14 to 5% of the amount of expenditures by the taxpayer in the
15 tax year for which the credit is claimed, reported pursuant
16 to Section 129(d)(7) of the Internal Revenue Code, to provide
17 in the Illinois premises of the taxpayer's workplace an
18 on-site facility dependent care assistance program under
19 Section 129 of the Internal Revenue Code.
20 (a-5) Beginning with tax years ending on or after
21 December 31, 1998, each taxpayer who is primarily engaged in
22 manufacturing or retailing is entitled to a credit against
23 the tax imposed by subsections (a) and (b) of Section 201 in
24 an amount equal to 10% of the amount of expenditures by the
25 taxpayer in the tax year for which the credit is claimed,
26 reported pursuant to Section 129(d)(7) of the Internal
27 Revenue Code, to provide in the Illinois premises of the
28 taxpayer's workplace an on-site facility dependent care
29 assistance program under Section 129 of the Internal Revenue
30 Code. This subsection is exempt from the provisions of
31 Section 250.
-2- LRB9011362KDgc
1 (b) If the amount of credit exceeds the tax liability
2 for the year, the excess may be carried forward and applied
3 to the tax liability of the 2 taxable years following the
4 excess credit year. The credit shall be applied to the
5 earliest year for which there is a tax liability. If there
6 are credits from more than one tax year that are available to
7 offset a liability, the earlier credit shall be applied
8 first.
9 (c) A taxpayer claiming the credit provided by this
10 Section shall maintain and record such information as the
11 Department may require by regulation regarding the dependent
12 care assistance program for which credit is claimed. When
13 claiming the credit provided by this Section, the taxpayer
14 shall provide such information regarding the taxpayer's
15 provision of a dependent care assistance program under
16 Section 129 of the Internal Revenue Code.
17 (Source: P.A. 88-505.)