IL SB1824

Amends the Illinois Income Tax Act to create a new tax credit for dry cleaning businesses that provide services to charitable organizations supplying clothing to inmates at State or federal correctional institutions.

Provides a tax credit equal to 25% of the amount charged for dry cleaning services performed for qualifying charitable organizations, applicable to taxable years beginning January 1, 2019 or later.

Credit cannot reduce a taxpayer's tax liability below zero; excess credits may be carried forward for up to 5 subsequent taxable years and applied to future tax liabilities in chronological order.

Allows partners, S-corporation shareholders, and limited liability company owners to claim the credit based on their proportionate distributive share of income, in accordance with federal tax code provisions.

Exempts the credit from the Illinois tax credit limitation provisions under Section 250.