Illinois HB5080 provides a tax credit for corporate taxpayers who are qualified small businesses, allowing them to claim 10% of the federal tax.
HB5080 amends the Illinois Income Tax Act to create a tax credit for corporate taxpayers who are qualified small businesses. The credit is equal to 10% of the federal tax credit claimed by the taxpayer for the taxable year for qualified child care expenditures. This credit applies to expenditures for the acquisition, construction, rehabilitation, or expansion of property used for a qualified child care facility, as well as for operating costs of the facility.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.