IL HB0013

Creates a new Illinois income tax credit for foster care expenses up to $1,000 per taxable year for each qualifying dependent child, effective for taxable years beginning January 1, 2025

Requires taxpayers to be under contract with the Department of Children and Family Services and provide care for at least 6 months to receive the full credit; shorter periods receive a prorated credit based on days of care provided

Defines "qualifying dependent child" as an Illinois resident in DCFS custody who is the foster child of the taxpayer claiming the credit

Allows unused credit amounts to be carried forward and applied to tax liability for up to 5 years following the excess credit year

Exempts the credit from sunset provisions under Section 250 of the Illinois Income Tax Act