IL HB4917

Creates a state child tax credit for Illinois taxpayers beginning January 1, 2025, equal to a specified credit amount multiplied by the number of qualifying children.

Sets initial credit amount at $300 per qualifying child for tax years 2025-2025, with annual adjustments thereafter based on Consumer Price Index increases, rounded to the nearest $10.

Requires taxpayer to be eligible for the federal Earned Income Tax Credit under Section 32 of the Internal Revenue Code, but allows credit even if federal credit is disallowed due to insufficient earned income.

Phases out credit at 2% for each dollar of earned income or adjusted gross income (whichever is greater) above $75,000 for married joint filers or $50,000 for other filers.

Allows excess credit to be refunded to taxpayer and excludes refund amounts from income and resources calculations for means-tested benefit programs unless required by federal law.