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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0481 Introduced 2/8/2011, by Sen. John J. Cullerton 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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| | SB0481 | | LRB097 04144 HLH 44183 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | changing Section 210.5 as follows:
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6 | | (35 ILCS 5/210.5)
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7 | | Sec. 210.5. Tax credit for employee child care.
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8 | | (a) Each corporate taxpayer is entitled
to a credit against |
9 | | the
the tax imposed by subsections (a) and (b) of Section 201
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10 | | in an amount equal to (i) for taxable years ending on or after |
11 | | December 31,
2000 and on or before December 31, 2004 and for |
12 | | taxable years ending on or after December 31, 2007, 30% of the |
13 | | start-up costs expended by
the corporate taxpayer to provide a |
14 | | child care
facility for the children of its employees and
(ii) |
15 | | for taxable years ending on or after December 31, 2000, 5% of |
16 | | the annual
amount paid
by the corporate taxpayer in providing |
17 | | the child care facility for the children
of its employees. The |
18 | | provisions of Section 250 do not apply to the credits allowed |
19 | | under this Section. If the 5% credit authorized under item
(ii) |
20 | | of this subsection is claimed, the 5% credit authorized under |
21 | | Section 210
cannot also be claimed. |
22 | | To receive the tax credit under this Section a corporate |
23 | | taxpayer may either
independently provide and operate a child |