[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_SB0743 LRB9202153SMdv 1 AN ACT relating to taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 adding Section 213 as follows: 6 (35 ILCS 5/213 new) 7 Sec. 213. Child and elderly care expense credit. For 8 taxable years ending on or after December 31, 2001 and ending 9 on or before December 30, 2006, every individual taxpayer 10 whose taxable income is $75,000 or less is entitled to a tax 11 credit equal to 5% of the amount paid in the taxable year for 12 day care expenses for a dependent child of the taxpayer or an 13 elderly dependent of the taxpayer 65 years old or older. If 14 the amount of the credit exceeds the tax liability for the 15 year, the excess may be carried forward and applied to the 16 tax liability of the 5 taxable years following the excess 17 credit year. The credit shall be applied to the earliest 18 year for which there is a tax liability. If there are 19 credits from more than one tax year that are available to 20 offset a liability, the earlier credit shall be applied 21 first. 22 Section 99. Effective date. This Act takes effect upon 23 becoming law.