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HB1242 Engrossed |
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LRB095 09201 BDD 29394 b |
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| taxpayer may either
independently provide and operate a child |
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| care facility for the children of its
employees or it may join |
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| in a partnership with one or more other corporations
to jointly |
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| provide and operate a child care facility for the children of
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| employees of the corporations in the partnership.
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| (b) The tax credit may not reduce the taxpayer's liability |
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| to less than
zero. If the amount of the tax credit exceeds the |
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| tax liability for the year,
the excess may be carried forward |
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| and applied to the tax liability of the 5
taxable years |
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| following the excess credit year. The credit must be applied to
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| the earliest year for which there is a tax liability. If there |
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| are credits
from more than one tax year that are available to |
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| offset a liability, then the
earlier credit must be applied |
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| first.
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| (c) As used in this Section, "start-up costs" means |
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| planning,
site-preparation, construction, renovation, or |
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| acquisition of a child care
facility. As used in this Section, |
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| "child care facility" is limited to a child
care facility |
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| located in Illinois.
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| (d) A corporate taxpayer claiming the credit provided by |
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| this Section
shall maintain and record such information as the |
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| Department may require by
rule regarding the child care |
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| facility for which the credit is claimed.
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| (Source: P.A. 91-930, eff. 12-15-00.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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