IL HB3013

Creates a new Illinois income tax credit of up to $1,000 per year for foster care expenses paid by taxpayers caring for qualifying dependent children in DCFS custody, 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 amount based on days of care

Makes the credit refundable for taxpayers with federal adjusted gross income of $50,000 or less; refund amounts are excluded from income calculations for means-tested benefit programs

Allows taxpayers with income of $50,000 or more to carry forward unused credit amounts for up to 5 taxable years

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