Public Act 102-0289
 
SB0340 EnrolledLRB102 04218 HLH 14235 b


  
    AN ACT concerning revenue.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Illinois Income Tax Act is amended  by 
changing Section 218 as follows:
 
    (35 ILCS 5/218)
    Sec. 218. Credit for student-assistance contributions.
    (a) For taxable years ending on or after December 31, 2009 
and on or before December 31, 2024 December 30, 2021, each 
taxpayer who, during the taxable year, makes a contribution 
(i) to a specified individual College Savings Pool Account 
under Section 16.5 of the State Treasurer Act or (ii) to the 
Illinois Prepaid Tuition Trust Fund in an amount matching  a 
contribution made in the same taxable year by an employee of 
the taxpayer to that Account or Fund is entitled to a credit 
against the tax imposed under subsections (a) and (b) of 
Section 201 in an amount equal to 25% of that matching  
contribution, but not to exceed $500  per  contributing employee 
per taxable year.
    (b) For partners, shareholders of Subchapter S 
corporations, and owners of limited liability companies, if 
the liability company is treated as a partnership for purposes 
of federal and State income taxation, there is allowed a 
credit under this Section to be determined in accordance with 
the determination of income and distributive share of income 
under Sections 702 and 704 and Subchapter S of the Internal 
Revenue Code.
    (c) The credit may not be carried back.   If the amount of 
the credit exceeds the tax liability for the year, the excess 
may be carried forward and applied to the tax liability of the 
5 taxable years following the excess credit year. The tax 
credit shall be applied to the earliest year for which there is 
a tax liability. If there are credits for more than one year 
that are available to offset a liability, the earlier credit 
shall be applied first.

    (d) A taxpayer claiming the credit under this Section must 
maintain and record any information that the Illinois Student 
Assistance Commission, the Office of the State Treasurer, or 
the Department may require regarding the matching contribution 
for which the credit is claimed.


(Source: P.A. 101-645, eff. 6-26-20.)
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.