Bill > HB4822

This bill amends the Illinois Income Tax Act to create an income tax credit for foster care expenses paid or incurred by taxpayers with respect to a qualified dependent child. The credit is equal to the foster care expenses, not to exceed $1,000 per taxable year, and can 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 may be carried forward for up to 5 taxable years if it exceeds the taxpayer's liability. The Department of Children and Family Services and the Department of Revenue are required to adopt rules to implement this new tax credit, which takes effect immediately.