Illinois HB5747 allows new parents to waive state income taxes for three years after a child's birth or adoption.
HB5747 amends the Illinois Income Tax Act to allow new parents to apply for a waiver of state income taxes for the year in which their child is born or adopted, and for the next two succeeding years. To qualify, the taxpayer must be a resident of Illinois and legally domiciled in the United States. If granted, the taxpayer's net income is set to zero for each year the waiver is in effect. The Department of Revenue will assess penalties and revoke the waiver if the taxpayer was not entitled to it.
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