INC TX-HEALTH CARE CREDIT

Amends the Illinois Income Tax Act. Beginning with tax years ending on or after December 31, 2003 and ending with tax years ending on or before December 31, 2007, allows small businesses to claim a tax credit in an amount equal to the amount of expenditures for health care insurance for its employees made in the year for which the credit is claimed. Provides that the credit may not reduce a taxpayer's liability to less than zero. Provides that the excess credit may be carried forward for a period of 5 years. Requires the taxpayer to keep any records required by the Department of Revenue regarding the health care expenditures for which the credit is claimed. Effective immediately.