SB3784 creates an income tax credit for donations of real property to employers for onsite child care.

SB3784 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 is equal to the fair market value of the donated property, applicable for taxable years starting from 2027. The credit cannot reduce the taxpayer's liability below zero and any excess credit can be carried forward for up to 10 years. The credit is not available if the donation is made to a related member of the taxpayer.

SB3784 creates an income tax credit for donations of real property to employers for onsite child care.

SB3784 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 is equal to the fair market value of the donated property, applicable for taxable years starting from 2027. The credit cannot reduce the taxpayer's liability below zero and any excess credit can be carried forward for up to 10 years. The credit is not available if the donation is made to a related member of the taxpayer.