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IL SB3420
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Javier Cervantes
Click for details
AI Summary
- Increases the annual child care facility tax credit for corporations from 5% to 10% of operating costs, effective for taxable years ending after December 31, 2025.
- Maintains the existing 30% tax credit for start-up costs (planning, construction, renovation, acquisition) of child care facilities for employees.
- Creates a new state tax credit for qualified small businesses equal to 10% of the federal tax credit claimed under Internal Revenue Code Section 45F for qualified child care expenditures, beginning January 1, 2026.
- Allows excess tax credits to be carried forward and applied to tax liability for up to 5 subsequent taxable years.
- Prohibits taxpayers from claiming both the existing child care facility credit and the new small business credit for the same expenditure.
Legislative Description
INC TAX-CHILD CARE
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/17/2026
Assignments2/4/2026
Full Bill Text
No bill text available