SB3420

Illinois SB3420 amends the Illinois Income Tax Act to increase tax credits for corporate taxpayers providing child care facilities for employees.

Illinois SB3420 amends the Illinois Income Tax Act to provide tax credits for corporate taxpayers who offer child care facilities for their employees. The bill increases the tax credit for start-up costs of child care facilities to 30% and raises the annual credit for providing child care services to 10%. Additionally, it introduces a new tax credit for qualified small businesses equal to 10% of the federal tax credit for qualified child care expenditures. The changes apply to taxable years ending after December 31, 2026.