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91_SB0810sam001
LRB9106010SMdvam03
1 AMENDMENT TO SENATE BILL 810
2 AMENDMENT NO. . Amend Senate Bill 810 by replacing
3 the title with the following:
4 "AN ACT to amend the Illinois Income Tax Act by adding
5 Section 210.5."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Income Tax Act is amended by
9 adding Section 210.5 as follows:
10 (35 ILCS 5/210.5 new)
11 Sec. 210.5. Tax credit for employee child care.
12 (a) Each corporate taxpayer is entitled to a credit
13 against the tax imposed by subsections (a) and (b) of Section
14 201 in an amount equal to (i) for taxable years ending on or
15 after December 31, 2000 and on or before December 31, 2004,
16 30% of the start-up costs expended by the corporate taxpayer
17 to provide a child care facility for the children of its
18 employees and (ii) for taxable years ending on or after
19 December 31, 2000, 5% of the annual amount paid by the
20 corporate taxpayer in providing the child care facility for
21 the children of its employees. The provisions of Section 250
-2- LRB9106010SMdvam03
1 do not apply to the 5% credit under item (ii) of this
2 subsection. If the 5% credit authorized under item (ii) of
3 this subsection is claimed, the 5% credit authorized under
4 Section 210 cannot also be claimed.
5 To receive the tax credit under this Section a corporate
6 taxpayer may either independently provide and operate a child
7 care facility for the children of its employees or it may
8 join in a partnership with one or more other corporations to
9 jointly provide and operate a child care facility for the
10 children of employees of the corporations in the partnership.
11 (b) The tax credit may not reduce the taxpayer's
12 liability to less than zero. If the amount of the tax credit
13 exceeds the tax liability for the year, the excess may be
14 carried forward and applied to the tax liability of the 5
15 taxable years following the excess credit year. The credit
16 must be applied to the earliest year for which there is a tax
17 liability. If there are credits from more than one tax year
18 that are available to offset a liability, then the earlier
19 credit must be applied first.
20 (c) As used in this Section, "start-up costs" means
21 planning, site-preparation, construction, renovation, or
22 acquisition of a child care facility.
23 (d) A corporate taxpayer claiming the credit provided by
24 this Section shall maintain and record such information as
25 the Department may require by rule regarding the child care
26 facility for which the credit is claimed.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.".