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90_SB0645
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates a tax credit
against the taxes imposed under this Act for employer
taxpayers in an amount equal to 100% of amounts contributed
by the employer to public or private elementary, secondary,
or post-secondary schools for educational purposes. Provides
that the credit may be carried forward for 2 years. Provides
that in no event shall the credit reduce the employer
taxpayer's liability under the Act below zero. Applies to
tax years beginning on or after January 1, 1997 and ending on
or before December 30, 2002.
LRB9002758KDpc
LRB9002758KDpc
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Adopt-a-School credit. For tax years
9 beginning on or after January 1, 1997 and ending on or before
10 December 30, 2002, each employer taxpayer is entitled to a
11 credit against the taxes imposed under this Act in an amount
12 equal to 100% of amounts contributed for educational purposes
13 by the employer to any public or private elementary,
14 secondary, or post-secondary school in Illinois. If the
15 amount of the credit exceeds the tax liability for that year,
16 whether it exceeds the original liability or the liability as
17 later amended, the excess may be carried forward and applied
18 to the tax liability of the 2 tax years following the excess
19 credit years. The credit shall be applied to tax years
20 following the excess credit years. The credit shall be
21 applied to the earliest year for which there is a liability.
22 If there is a credit for more than one year that is
23 applicable to offset a liability, earlier credits shall be
24 applied first. In no event shall a credit under this Section
25 reduce the employer taxpayer's liability under this Act below
26 zero.
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