SB2132 Summary

• Allows a $100 tax credit for each child under age 17 for whom the taxpayer claims an exemption under Illinois Income Tax Act, effective for tax years beginning January 1, 2022 or later.

• Reduces the credit by $5 for each $2,000 of net income above $60,000 on joint returns or above $40,000 on all other returns.

• Prevents the credit from reducing tax liability below zero.

• Exempts this credit from Section 250 provisions of the Illinois Income Tax Act.