IL HB1350

Creates an income tax credit for taxpayers who are eligible caregivers of veterans with service-connected disabilities, effective for taxable years ending on or after December 31, 2024.

Credit amount equals 5% of costs incurred in caring for the veteran, capped at a maximum of $1,000 per taxable year.

Eligible "costs incurred" include respite care, counseling or support groups, caregiver training, travel related to care, assistive technology, and medical and hygiene items.

Defines "eligible caregiver" as a family member or paid worker who provides care and assists with activities of daily living for a qualified veteran.

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