94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0910


 
Introduced 2/2/2005, by Rep. Marlow H. Colvin
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. Establishes an income tax credit for taxpayers who make cash donations to school districts. Provides that  the amount of the credit is the amount of the donations made during the taxable year.  Provides that, to receive a credit, the taxpayer must present to the Department of Revenue a certification from the school district receiving the donation. Provides that to qualify for the credit, the amount of the donation must be $150 or more in the case of an individual, trust, estate, or partnership or $1,500 or more in the case of a corporation. Provides that the credit may not be carried forward  or  back.   Provides that, in  no
event, may the credit reduce the taxpayer's
liability to less than zero. Requires the Department of Revenue,  in  cooperation  with the State Board of Education, to adopt rules concerning the credit. Effective immediately.
















LRB094 07699 BDD 37875 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0910

LRB094 07699 BDD 37875 b






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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. School district donation credit.
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    (a) For tax years
ending on or after December 31, 2005,  
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each taxpayer who makes a cash donation to a school district is 
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entitled to a credit against the tax imposed by subsections (a) 
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and (b) of Section 201 in an amount equal to the amount of the 
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donation.
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    (b) To receive a credit under this Section, the taxpayer 
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must present to the Department a certification from the school 
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district receiving the donation. The certification must state 
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the amount of the donation. To qualify for a credit under the 
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Section, the amount of the donation must be $150 or more in the 
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case of an individual, trust, estate, or partnership or $1,500 
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or more in the case of a corporation.

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    (c) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
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Subchapter  S  of  the  Internal   Revenue   Code.

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    The
Department,  in  cooperation  with the State Board of 
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Education, must adopt rules  to  enforce  and
administer  the  
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provisions  of this Section.
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    The credit may not be carried forward  or  back.   In  no
event 
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shall a credit under this Section reduce the taxpayer's

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liability to less than zero.