Bill Text: IL HB2323 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning tax credits for providing child care for employees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB2323 Detail]

Download: Illinois-2019-HB2323-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB2323 Introduced , by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
35 ILCS 5/210.5
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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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 210.5 as follows:
(35 ILCS 5/210.5)
Sec. 210.5. Tax credit for employee child care.
(a) Each corporate taxpayer is entitled to a credit against
the 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. If the 5% credit authorized under item (ii)
of this subsection is claimed, the 5% credit authorized under
Section 210 cannot also be claimed.
To receive the tax credit under this Section a corporate
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
in a partnership with one or more other corporations to jointly
provide and operate a child care facility for the children of
employees of the corporations in the partnership.
(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
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.
(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.
(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.
(Source: P.A. 95-648, eff. 10-11-07.)