103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately. LRB103 27396 HLH 53768 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately. LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately.
LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b
LRB103 27396 HLH 53768 b
A BILL FOR
HB2327LRB103 27396 HLH 53768 b HB2327 LRB103 27396 HLH 53768 b
HB2327 LRB103 27396 HLH 53768 b
1 AN ACT concerning revenue.
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 234 as follows:
6 (35 ILCS 5/234 new)
7 Sec. 234. Child care credit.
8 (a) For tax years beginning on or after January 1, 2024,
9 each qualified taxpayer may apply to the Department of Revenue
10 for a credit against the taxes imposed by subsections (a) and
11 (b) of Section 201. The amount of the credit shall be $1,500
12 for the first eligible dependent of the taxpayer, plus an
13 additional $500 for each additional eligible dependent, but
14 not to exceed $2,500 per taxpayer in any taxable year. The
15 aggregate amount of credits awarded by the Department of
16 Revenue may not exceed $100,000,000 in any taxable year.
17 Credits shall be awarded on a first-come, first-served basis.
18 (b) In no event shall a credit under this Section reduce
19 the taxpayer's liability to less than zero. If the amount of
20 the credit exceeds the tax liability for the year, the excess
21 may be carried forward and applied to the tax liability of the
22 5 taxable years following the excess credit year. The tax
23 credit shall be applied to the earliest year for which there is
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2327 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Creates a credit for taxpayers who have at least one eligible dependent and whose income does not exceed certain specified guidelines. Effective immediately.
LRB103 27396 HLH 53768 b LRB103 27396 HLH 53768 b
LRB103 27396 HLH 53768 b
A BILL FOR
35 ILCS 5/234 new
LRB103 27396 HLH 53768 b
HB2327 LRB103 27396 HLH 53768 b
HB2327- 2 -LRB103 27396 HLH 53768 b HB2327 - 2 - LRB103 27396 HLH 53768 b
HB2327 - 2 - LRB103 27396 HLH 53768 b
1 a tax liability. If there are credits for more than one year
2 that are available to offset a liability, the earlier credit
3 shall be applied first.
4 (c) As used in this Section:
5 "Eligible dependent" means an individual who is under 17
6 years of age during the taxable year and is claimed by the
7 taxpayer as a dependent for federal income tax purposes for
8 that taxable year.
9 "Qualified taxpayer" means a taxpayer with at least one
10 eligible dependent whose federal adjusted gross income does
11 not exceed: (1) $75,000 for spouses filing a joint return or
12 (2) $45,000 for all other taxpayers.
13 (d) This Section is exempt from the provisions of Section
14 250.
15 Section 99. Effective date. This Act takes effect upon
16 becoming law.
HB2327 - 2 - LRB103 27396 HLH 53768 b