HB 2897

Abstract

Amends the Illinois Income Tax Act. Grants a credit against the tax imposed by the Act in the amount of expenditures during the taxable year for the care of an individual 65 years of age or older who is claimed as a dependent on the taxpayer's federal income tax return. Provides that the amount of the credit for the taxable year may be no more than $1,000 or the taxpayer's tax liability for the year, whichever is less. Allows an excess credit to be carried forward to the tax liability of 2 succeeding taxable years. Exempts the credit from the Act's sunset requirement. Effective immediately.