IL SB3275

Creates a $50 per dependent child income tax credit for individual taxpayers for taxable years ending on or after December 31, 2012.

Credit applies to each exemption allowed under Section 151 of the Internal Revenue Code for dependents under age 18 on the last day of the taxable year.

Any credit amount exceeding the taxpayer's income tax liability for the year shall be refunded to the taxpayer.

Amends the Illinois Income Tax Act by adding Section 223 and exempts this section from the provisions of Section 250.

Takes effect upon becoming law.