Bill > HB1218

This bill amends the Illinois Income Tax Act by introducing a new dependent tax credit for taxpayers. Starting in the 2026 tax year, individuals will be able to claim a tax credit of $1,500 for each person they claim as a dependent under Section 152 of the Internal Revenue Code. The credit can be applied against the state income tax but cannot reduce a taxpayer's tax liability below zero. The Illinois Department of Revenue is authorized to create rules for implementing this credit, and the provision is exempt from a specific section of the tax code (Section 250). The bill aims to provide financial relief to Illinois taxpayers who support dependents, such as children or other qualifying relatives, by offering a significant tax credit that can help offset the costs of caring for dependents.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1218&GAID=18&DocTypeID=HB&SessionID=114&GA=104