SB3774 Summary

• Increases Illinois earned income tax credit from 18% to 20% of federal credit for taxable years 2023-2024, 22% for 2024-2025, and 25% for 2025 and beyond.

• Expands earned income tax credit eligibility to individuals ages 18-24 and those 65 and older without regard to age restrictions that normally apply to those without qualifying children.

• Extends earned income tax credit to individuals filing using an Individual Taxpayer Identification Number (ITIN) rather than only Social Security numbers.

• Creates new child dependent tax credit of at least $600 per year for eligible caregivers with qualified dependents under age 17, with the combined credit from both programs guaranteed to be at least $600.

• Makes excess credits refundable to taxpayers and exempts refunds from counting toward income or resources in means-tested benefit programs.