SB2097

Illinois SB2097 creates a tax credit for foster care expenses up to $1,000 per child per year.

Illinois SB2097 amends the Illinois Income Tax Act to introduce a tax credit for foster care expenses. This credit applies to taxpayers who provide care to a qualifying dependent child under contract with the Department of Children and Family Services for at least six months. The credit is equal to the foster care expenses, not exceeding $1,000 per child per taxable year. If the credit exceeds the tax liability, the excess can be carried forward to subsequent taxable years.