Bill > SB3784

This bill amends the Illinois Income Tax Act to create a new income tax credit for businesses that donate real property to another employer for the purpose of providing onsite child care to employees, starting in tax years beginning on or after January 1, 2027. The credit will be equal to the fair market value of the donated property, as determined by the Department of Revenue, but a taxpayer cannot claim this credit if the property is donated to a "related member," which refers to individuals or entities with significant ownership or control over the taxpayer, as defined by specific attribution rules from the Internal Revenue Code. If the credit amount exceeds the taxpayer's tax liability for the year, the excess can be carried forward for up to 10 years and applied to future tax liabilities, with older credits being used first. This provision aims to incentivize employers to invest in child care facilities for their employees by offering a significant tax benefit for property donations.

https://www.ilga.gov/Legislation/BillStatus?DocNum=3784&GAID=18&DocTypeID=SB&SessionID=114&GA=104