Bill > SB3567

This bill amends the Illinois Income Tax Act to adjust the child tax credit for tax years beginning on or after January 1, 2025, by changing how the credit is calculated based on a taxpayer's adjusted gross income (AGI). For taxpayers whose AGI is at or below the income threshold to qualify for the maximum federal earned income tax credit, the Illinois child tax credit will be 40% of the maximum credit allowed under Section 212 of the Act, based on the number of qualifying dependents as defined by Section 152 of the Internal Revenue Code. For taxpayers whose AGI exceeds this federal threshold but still qualifies for some credit, the credit will also be 40% of the credit allowed under Section 212, again based on the number of qualifying dependents. Additionally, for taxpayers eligible for the maximum allowable credit under Section 212, the credit will be 40% of that credit. The bill also specifies that for tax years beginning on or after January 1, 2024, and before January 1, 2025, the credit will be 20% of the credit allowed under Section 212. The bill takes effect immediately upon becoming law.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3567&GAID=18&DocTypeID=SB&SessionID=114&GA=104