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| Public Act 095-0648 |
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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 | ||||
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 | ||||
the tax imposed by subsections (a) and (b) of Section 201
in an | ||||
amount equal to (i) for taxable years ending on or after | ||||
December 31,
2000 and on or before December 31, 2004 and for | ||||
taxable years ending on or after December 31, 2007, 30% of the | ||||
start-up costs expended by
the corporate taxpayer to provide a | ||||
child care
facility for the children of its employees and
(ii) | ||||
for taxable years ending on or after December 31, 2000, 5% of | ||||
the annual
amount paid
by the corporate taxpayer in providing | ||||
the child care facility for the children
of its employees. The | ||||
provisions of Section 250 do not apply to the credits allowed | ||||
under this Section
5% credit
under item (ii) of this | ||||
subsection. If the 5% credit authorized under item
(ii) of this | ||||
subsection is claimed, the 5% credit authorized under Section | ||||
210
cannot also be claimed.
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To receive the tax credit under this Section a corporate | ||||
taxpayer may either
independently provide and operate a child | ||
care facility for the children of its
employees or it may join | ||
in a partnership with one or more other corporations
to jointly | ||
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 | ||
to less than
zero. If the amount of the tax credit exceeds the | ||
tax liability for the year,
the excess may be carried forward | ||
and applied to the tax liability of the 5
taxable years | ||
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 | ||
are credits
from more than one tax year that are available to | ||
offset a liability, then the
earlier credit must be applied | ||
first.
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(c) As used in this Section, "start-up costs" means | ||
planning,
site-preparation, construction, renovation, or | ||
acquisition of a child care
facility. As used in this Section, | ||
"child care facility" is limited to a child
care facility | ||
located in Illinois.
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(d) A corporate taxpayer claiming the credit provided by | ||
this Section
shall maintain and record such information as the | ||
Department may require by
rule regarding the child care | ||
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 | ||
becoming law.
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