IL HB2435

Establishes a $100 annual income tax credit for each child under age 17 for whom the taxpayer claims an additional exemption, effective for taxable years beginning January 1, 2023 or later.

Reduces the credit amount by $5 for each $2,000 of net income exceeding $60,000 on joint returns or $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.

Takes effect immediately upon becoming law.