Bill Status of HB 4091   96th General Assembly

Short Description:  INC TAX-STUDENT DEBT

House Sponsors
Rep. Richard P. Myers-Kay Hatcher-Michael G. Connelly-Mike Bost-Mike Fortner, Michael W. Tryon, Michael P. McAuliffe, Jerry L. Mitchell, Jil Tracy, Bob Biggins, Timothy L. Schmitz, Sandra M. Pihos, Rich Brauer, Mark H. Beaubien, Jr., Randy Ramey, Jr. and Elizabeth Coulson

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/218 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers for expenditures by the taxpayer during the taxable year for the purpose of paying accrued higher education debt incurred by a person employed by the taxpayer during at least 10 months of the taxable year. The amount of the credit is up to 20% of the employee's accrued higher education debt during the first year, 30% during the second year, and 50% during the third year, but not to exceed an aggregate of $10,000 per employee. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Exempt from the Act's sunset provisions. Effective immediately.

Actions 
DateChamber Action
  2/27/2009HouseFiled with the Clerk by Rep. Richard P. Myers
  2/27/2009HouseFirst Reading
  2/27/2009HouseReferred to Rules Committee
  3/3/2009HouseAdded Co-Sponsor Rep. Mike Bost
  3/3/2009HouseAdded Co-Sponsor Rep. Michael W. Tryon
  3/3/2009HouseAdded Co-Sponsor Rep. Michael P. McAuliffe
  3/3/2009HouseAdded Co-Sponsor Rep. Jerry L. Mitchell
  3/3/2009HouseAdded Co-Sponsor Rep. Mike Fortner
  3/3/2009HouseAdded Co-Sponsor Rep. Jil Tracy
  3/3/2009HouseAdded Co-Sponsor Rep. Bob Biggins
  3/3/2009HouseAdded Co-Sponsor Rep. Timothy L. Schmitz
  3/3/2009HouseAdded Co-Sponsor Rep. Sandra M. Pihos
  3/3/2009HouseAdded Co-Sponsor Rep. Kay Hatcher
  3/3/2009HouseAdded Co-Sponsor Rep. Rich Brauer
  3/3/2009HouseAdded Co-Sponsor Rep. Mark H. Beaubien, Jr.
  3/3/2009HouseAdded Co-Sponsor Rep. Michael G. Connelly
  3/3/2009HouseAdded Co-Sponsor Rep. Randy Ramey, Jr.
  3/3/2009HouseRemoved Co-Sponsor Rep. Mike Bost
  3/3/2009HouseAdded Chief Co-Sponsor Rep. Kay Hatcher
  3/3/2009HouseRemoved Co-Sponsor Rep. Mike Fortner
  3/3/2009HouseRemoved Co-Sponsor Rep. Kay Hatcher
  3/3/2009HouseRemoved Co-Sponsor Rep. Michael G. Connelly
  3/3/2009HouseAdded Chief Co-Sponsor Rep. Michael G. Connelly
  3/3/2009HouseAdded Chief Co-Sponsor Rep. Mike Bost
  3/3/2009HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  3/3/2009HouseAdded Co-Sponsor Rep. Elizabeth Coulson
  3/4/2009HouseAssigned to Revenue & Finance Committee
  3/13/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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