Illinois HB3013 creates an income tax credit for foster care expenses up to $1,000 per year.
HB3013 amends the Illinois Income Tax Act to establish a tax credit for foster care expenses, up to $1,000 annually. The credit is prorated based on the number of days the taxpayer cares for a qualifying dependent child. If the taxpayer's federal adjusted gross income is $50,000 or less, any excess credit is refunded. For higher-income taxpayers, unused credits can be carried forward for up to five years. The Department of Children and Family Services, in collaboration with the Department of Revenue, will implement the necessary rules.
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- Critical Issues
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