IL SB1444

Creates an income tax credit of up to $700 per qualified dependent for taxable years beginning January 1, 2024.

Reduces the maximum credit by $24 for each $1,000 of net income exceeding $75,000 (joint return) or $50,000 (other returns).

Defines "qualified dependent" as a person who is a dependent under federal tax code, lives with the taxpayer for more than 50% of the year, and is either age 17 or younger or physically/mentally incapable of self-care.

Allows excess credits to be refunded to the taxpayer, and excludes refund amounts from consideration in means-tested benefit eligibility determinations.

Applies to all individual taxpayers, including those using federal Individual Taxpayer Identification Numbers.