INC TX-FEDERAL CHILD CREDIT

Amends the Illinois Income Tax Act. Creates a credit equal to a percentage the federal child and dependent care credit received by the taxpayer. Provides that the credit shall be equal to: (i) 50% of the federal credit if the taxpayer's adjusted gross income is $25,000 or less; (ii) 30% of the federal credit if the taxpayer's adjusted gross income is more than $25,000 but not more than $35,000; and (iii) 10% of the federal credit if the taxpayer's adjusted gross income is more than $35,000. Provides that the credit may be refunded to the taxpayer. Effective immediately.