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91_SB0810enr SB810 Enrolled LRB9106010PTgc 1 AN ACT to amend the Illinois Income Tax Act by adding 2 Section 210.5. 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 210.5 as follows: 7 (35 ILCS 5/210.5 new) 8 Sec. 210.5. Tax credit for employee child care. 9 (a) Each corporate taxpayer is entitled to a credit 10 against the tax imposed by subsections (a) and (b) of Section 11 201 in an amount equal to (i) for taxable years ending on or 12 after December 31, 2000 and on or before December 31, 2004, 13 30% of the start-up costs expended by the corporate taxpayer 14 to provide a child care facility for the children of its 15 employees and (ii) for taxable years ending on or after 16 December 31, 2000, 5% of the annual amount paid by the 17 corporate taxpayer in providing the child care facility for 18 the children of its employees. The provisions of Section 250 19 do not apply to the 5% credit under item (ii) of this 20 subsection. If the 5% credit authorized under item (ii) of 21 this subsection is claimed, the 5% credit authorized under 22 Section 210 cannot also be claimed. 23 To receive the tax credit under this Section a corporate 24 taxpayer may either independently provide and operate a child 25 care facility for the children of its employees or it may 26 join in a partnership with one or more other corporations to 27 jointly provide and operate a child care facility for the 28 children of employees of the corporations in the partnership. 29 (b) The tax credit may not reduce the taxpayer's 30 liability to less than zero. If the amount of the tax credit 31 exceeds the tax liability for the year, the excess may be SB810 Enrolled -2- LRB9106010PTgc 1 carried forward and applied to the tax liability of the 5 2 taxable years following the excess credit year. The credit 3 must be applied to the earliest year for which there is a tax 4 liability. If there are credits from more than one tax year 5 that are available to offset a liability, then the earlier 6 credit must be applied first. 7 (c) As used in this Section, "start-up costs" means 8 planning, site-preparation, construction, renovation, or 9 acquisition of a child care facility. 10 (d) A corporate taxpayer claiming the credit provided by 11 this Section shall maintain and record such information as 12 the Department may require by rule regarding the child care 13 facility for which the credit is claimed. 14 Section 99. Effective date. This Act takes effect upon 15 becoming law.