IL SB2075

Amends the Illinois Income Tax Act to create a state child tax credit equal to 20% of the federal child tax credit allowed under Section 24 of the federal Internal Revenue Code.

Credit applies to taxable years beginning on or after January 1, 2017 and before January 1, 2022.

For non-residents or part-year residents, the credit amount is proportionally reduced based on income attributable to Illinois.

If the credit exceeds the taxpayer's income tax liability, the excess amount is refunded to the taxpayer.

Refunds from this credit are excluded from income and resources when determining eligibility or benefit levels for means-tested benefit programs.