SB3567

SB3567 amends the Illinois Income Tax Act to adjust the child tax credit based on income levels.

SB3567 amends the Illinois Income Tax Act to modify the child tax credit for taxpayers with qualifying children. For tax years beginning on or after January 1, 2024, eligible taxpayers will receive a credit based on their adjusted gross income. The credit is set at 20% for those with income at or below the threshold to qualify for the maximum federal earned income tax credit. For those exceeding this threshold but qualifying for the maximum federal credit, the credit is 40%. The credit amount is calculated based on the number of qualifying dependents as defined by the Internal Revenue Code.