IL SB2684

Amends Section 210.5 of the Illinois Income Tax Act regarding tax credits for employee child care facilities.

Makes a technical correction by removing a redundant instance of the word "the" in the language describing credits against taxes imposed by Section 201.

Allows corporate taxpayers to claim a 30% credit on start-up costs for establishing child care facilities for employees' children for taxable years ending December 31, 2000-2004 and after December 31, 2007.

Permits a 5% annual credit on amounts paid by corporations to operate and maintain child care facilities for employees' children for taxable years ending after December 31, 2000.

Allows excess tax credits to be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first.