093_HB2897

 
                                     LRB093 04445 SJM 04497 b

 1        AN ACT concerning 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.   Eldercare  tax  credit.   For  taxable years
 8    ending on or after December 31, 2003, an individual  taxpayer
 9    is  entitled  to  a  credit  against  the  taxes  imposed  by
10    subsections  (a) and (b) of Section 201 in an amount equal to
11    the amount of expenditures during the taxable  year  for  the
12    care of an individual 65 years of age or older who is claimed
13    as  a  dependent on the taxpayer's federal income tax return.
14    The amount of the credit for the taxable year may be no  more
15    than  $1,000  or  the  taxpayer's tax liability for the year,
16    whichever is less.  If the amount of the credit  exceeds  the
17    tax  liability  for  the year, then the excess may be carried
18    forward and applied to the tax liability  of  the  2  taxable
19    years  following  the  excess credit year.  A credit shall be
20    applied to the  earliest  year  for  which  there  is  a  tax
21    liability.   If  there are credits from more than one taxable
22    year that are available  to  offset  a  liability,  then  the
23    earlier  credit  shall  be  applied  first.   This Section is
24    exempt from the provisions of Section 250.

25        Section 99.  Effective date.  This Act takes effect  upon
26    becoming law.