90th General Assembly
Summary of HB3746
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House Sponsors:
PHELPS-ERWIN.

Short description: 
INC TX-CREDIT-EDUCATION EXPENS                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Creates a tax credit for  an      
   individual taxpayer in an amount equal to 10% of the credits allowable      
   for  that  individual  taxpayer  for  that taxable year under the HOPE      
   Scholarship tax credit provided in Section 25A of the Internal Revenue      
   Code and the Lifetime Learning tax credit provided in Section  221  of      
   the  Internal  Revenue  Code.   Provides  that  in no event shall this      
   credit reduce the taxpayer's liability under this  Act  to  less  than      
   zero.    Provides that the credit applies to tax years beginning on or      
   after January 1, 1998.  Exempts the credit from the sunset provisions.      
   Effective July 1, 1998.                                                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status