Illinois HB0013 introduces a tax credit for foster care expenses up to $1,000 per child per year.
HB0013 amends the Illinois Income Tax Act to create a tax credit for foster care expenses. This credit is available to taxpayers who care for a qualifying dependent child in Illinois under a contract with the Department of Children and Family Services. The credit amount is equal to the foster care expenses paid or incurred, not exceeding $1,000 per child per taxable year. If the taxpayer cares for the child for less than six months, the credit is prorated. The credit may be carried forward to offset tax liability in subsequent years if it exceeds the current year's liability.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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