IL HB5118

Amends the Illinois Income Tax Act to create a new tax credit for qualifying military families for taxable years ending December 31, 2012 through December 31, 2016.

Taxpayer must be allowed the federal Child and Dependent Care Credit under Internal Revenue Code Section 21 and be a member or spouse of a member of the Armed Forces, Illinois National Guard, or reserve component who was deployed on active military duty outside the United States and its territories during the taxable year.

Credit amount equals the lesser of $1,000 or the amount of the federal tax credit claimed.

Credit cannot be carried forward or backward and cannot reduce tax liability below zero.

Takes effect upon becoming law.