SB2382

Illinois SB2382 creates a tax credit for donations of real property to employers for onsite child care.

Illinois SB2382 amends the Illinois Income Tax Act to introduce a tax credit for taxpayers who donate real property to employers for onsite child care. The credit amount equals the fair market value of the donated property. This credit is applicable for taxable years beginning on or after January 1, 2026, and cannot reduce the taxpayer's liability below zero. If the credit exceeds the tax liability, the excess can be carried forward to subsequent years. The credit is not available if the donation is made to a related member of the taxpayer.