IL HB4964

Creates a $50 income tax credit for each dependent child under age 18 for taxable years ending on or after December 31, 2012.

Credit applies to each exemption allowable under Section 151 of the Internal Revenue Code for qualifying dependents.

Excess credit amounts that exceed the taxpayer's income tax liability for the tax year shall be refunded to the taxpayer.

Exempts the credit from the provisions of Section 250 of the Illinois Income Tax Act.

Takes effect immediately upon becoming law.