Synopsis As Introduced Amends the Illinois Income Tax Act. Creates an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.