Illinois HB1218 creates a $1,500 income tax credit for each dependent claimed by a taxpayer.
Illinois HB1218 amends the Illinois Income Tax Act to introduce a new dependent tax credit. For taxable years starting on or after January 1, 2026, taxpayers can claim a credit of up to $1,500 for each dependent they claim. The credit applies against the tax imposed by the Illinois Income Tax Act. The Department of Revenue is authorized to adopt rules necessary to implement this credit. The act takes effect immediately upon becoming law.
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- Legal Framework
- Critical Issues
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