|
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4406 Introduced , by Rep. Dave Severin SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the foster care expenses, not to exceed $1,000 in any taxable year, paid or incurred by the taxpayer with respect to a qualified dependent child. Provides that the credit may be prorated. Effective immediately. |
| |
| | A BILL FOR |
|
|
| | HB4406 | | LRB103 36752 HLH 66862 b |
|
|
1 | | AN ACT concerning revenue.
|
2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
|
4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 241 as follows:
|
6 | | (35 ILCS 5/241 new) |
7 | | Sec. 241. Foster care credit. |
8 | | (a) For taxable years beginning on or after January 1, |
9 | | 2024, there shall be allowed a credit against the tax imposed |
10 | | by subsections (a) and (b) of Section 201 of this Act in an |
11 | | amount equal to the foster care expenses paid or incurred, not |
12 | | to exceed $1,000 in any taxable year, by the taxpayer as a |
13 | | foster care parent for a qualifying dependent child. The tax |
14 | | credit under this Section may be claimed by the taxpayer for |
15 | | the taxable year in which the taxpayer becomes the legal |
16 | | guardian of the qualifying dependent child. The taxpayer must |
17 | | be under contract with the Department of Children and Family |
18 | | Services and providing care to the qualifying dependent child |
19 | | for at least 6 months during the taxable year to receive the |
20 | | full credit. If the taxpayer is under contract with the |
21 | | Department of Children and Family Services and providing care |
22 | | to the qualifying dependent child for less than 6 months |
23 | | during the taxable year, then the taxpayer is entitled to a |