IL SB3329

Creates a child tax credit under the Illinois Income Tax Act effective for taxable years beginning January 1, 2025, allowing taxpayers to claim a credit equal to a specified amount multiplied by the number of qualifying children.

Sets initial credit amount at $300 per qualifying child for 2025, with annual adjustments beginning in 2026 based on Consumer Price Index increases, rounded to the nearest $10.

Phases out the credit by reducing it 2% for every dollar of earned income or adjusted gross income (whichever is greater) that exceeds $75,000 for married joint filers or $50,000 for all other filers.

Allows taxpayers to receive a refund if the credit exceeds their tax liability, and specifies that refunds are not counted as income or resources for means-tested benefit programs unless required by federal law.

Restricts "qualifying child" to individuals under age 18 during the taxable year who would otherwise qualify under federal Internal Revenue Code Section 32, even if they lack sufficient earned income to claim the federal credit.