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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2724
Introduced 2/22/2005, by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning tax credits for providing child care for employees.
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A BILL FOR
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HB2724 |
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LRB094 07999 BDD 38181 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
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| in an 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, 30% of |
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| the start-up costs expended by
the corporate taxpayer to |
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| provide a child care
facility for the children of its employees |
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| and
(ii) for taxable years ending on or after December 31, |
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| 2000, 5% of the annual
amount paid
by the corporate taxpayer in |
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| providing the child care facility for the children
of its |
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| employees. The provisions of Section 250 do not apply to the 5% |
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| credit
under item (ii) of this subsection. If the 5% credit |
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| authorized under item
(ii) of this subsection is claimed, the |
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| 5% credit authorized under Section 210
cannot also be claimed. |
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| To receive the tax credit under this Section a corporate |
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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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