HB3013

Illinois HB3013 introduces a tax credit for foster care expenses up to $1,000 per qualifying dependent child.

HB3013 amends the Illinois Income Tax Act to create a tax credit for foster care expenses. This credit is available to taxpayers with a federal adjusted gross income not exceeding $50,000. The credit amount is the lesser of the foster care expenses paid or $1,000, prorated based on the number of days the taxpayer provided care. The credit can be refundable if the taxpayer's federal adjusted gross income is below $50,000. The credit cannot reduce the taxpayer's liability to less than zero and can be carried forward for up to five years if unused.