SB1484 Summary

• Creates a state child tax credit equal to 10% of the federal child tax credit under Section 24 of the Internal Revenue Code for tax years beginning January 1, 2019 through December 31, 2023.

• Individual taxpayers may claim the credit against Illinois income tax liability under Sections 201(a) and (b) of the Illinois Income Tax Act.

• Non-residents and part-year residents receive a proportional credit based on income attributable to Illinois.

• Any credit amount exceeding tax liability is refunded to the taxpayer and is excluded from income/resources calculations for means-tested benefit programs unless federal law requires inclusion.

• Becomes effective immediately upon enactment.