INC TX-CHILD TAX CREDIT

Summary

The bill changes the Illinois Income Tax Act so that eligible taxpayers with a qualifying child under age 12 receive a credit equal to 20% of the current Section 212 credit for tax year 2024, and 40% for tax years beginning in 2025. The credit amount varies based on the taxpayer’s adjusted gross income relative to federal earned‑income tax credit thresholds. Any credit that exceeds the taxpayer’s liability is refunded and not counted as income for means‑tested programs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share