Bill > HB5119

This bill amends the Illinois Income Tax Act to create an income tax credit for foster care expenses. The credit is equal to the foster care expenses paid or incurred by the taxpayer, up to $1,000 per taxable year, for each qualified dependent child legally cared for by the foster care parent in Illinois. The credit may be prorated if the taxpayer is under contract with the Department of Children and Family Services for less than 6 months during the taxable year. The credit can be carried forward for up to 5 years if it exceeds the taxpayer's liability. The Department of Children and Family Services, in collaboration with the Department of Revenue, will adopt rules to implement this new tax credit.