§ 244 — Child tax credit

(a) For the taxable years beginning on or after January 1, 2024, each individual taxpayer who has at least one qualifying child who is younger than 12 years of age as of the last day of the taxable year is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201. For tax years beginning on or after January 1, 2024 and before January 1, 2025, the credit shall be equal to 20% of the credit allowed to the taxpayer under Section 212 of this Act for that taxable year. For tax years beginning on or after January 1, 2025, the amount of the credit shall be equal to 40% of the credit allowed to the taxpayer under Section 212 of this Act for that taxable year. (b) If the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. The amount of the refund under this Section shall not be included in the taxpayer's income or resources for the purposes of determining eligibility or benefit level in any means-tested benefit program administered by a governmental entity unless required by federal law. (c) The Department may adopt rules to carry out the provisions of this Section. (d) As used in this Section, "qualifying child" has the meaning given to that term in Section 152 of the Internal Revenue Code. (e) This Section is exempt from the provisions of Section 250.

Legislative History

(Source: P.A. 103-592, eff. 6-7-24; 104-417, eff. 8-15-25.)