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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1242
Introduced 2/15/2007, by Rep. Sandy Cole - Franco Coladipietro - Dennis M. Reboletti - Ruth Munson - Jim Durkin SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Reinstates, for taxable years ending on or after December 31, 2007, the tax credit for start-up costs for providing employee child care. Exempts the credit from the sunset provisions of the Act.
Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB1242 |
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LRB095 09201 BDD 29394 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 210.5 as follows:
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| (35 ILCS 5/210.5)
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| Sec. 210.5. Tax credit for employee child care.
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| (a) Each corporate taxpayer is entitled
to a credit against |
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| the tax imposed by subsections (a) and (b) of Section 201
in an |
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| amount equal to (i) for taxable years ending on or after |
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| December 31,
2000 and on or before December 31, 2004 and for |
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| taxable years ending on or after December 31, 2007 , 30% of the |
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| start-up costs expended by
the corporate taxpayer to provide a |
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| child care
facility for the children of its employees and
(ii) |
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| for taxable years ending on or after December 31, 2000, 5% of |
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| the annual
amount paid
by the corporate taxpayer in providing |
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| the child care facility for the children
of its employees. The |
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| provisions of Section 250 do not apply to the credits allowed |
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| under this Section
5% credit
under item (ii) of this |
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| subsection . If the 5% credit authorized under item
(ii) of this |
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| subsection is claimed, the 5% credit authorized under Section |
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| 210
cannot also be claimed.
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| To receive the tax credit under this Section a corporate |