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91_SB0810
LRB9106010PTgc
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. Tax credit for on-site employee day care. For
9 taxable years ending on or after December 31, 1999 through
10 taxable years ending on or before December 31, 2003, each
11 corporate taxpayer is entitled to a credit against the tax
12 imposed by subsections (a) and (b) of Section 201 in an
13 amount equal to 10% of the amount expended by the employer to
14 provide day care for the children of employees on the
15 premises of the employees' workplace. The tax credit may not
16 reduce the taxpayer's liability to less than zero. If the
17 amount of the tax credit exceeds the tax liability for the
18 year, the excess may be carried forward and applied to the
19 tax liability of the 5 taxable years following the excess
20 credit year. The credit shall be applied to the earliest
21 year for which there is a tax liability. If there are
22 credits from more than one tax year that are available to
23 offset a liability, then the earlier credit shall be applied
24 first.
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.