093_HB0342

 
                                     LRB093 04378 SJM 04428 b

 1        AN ACT concerning taxes.

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

 4        Section 5. The Illinois Income  Tax  Act  is  amended  by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec. 213.  Teacher's instructional materials credit.
 8        (a)  Beginning  with  taxable  years  ending  on or after
 9    December 31, 2004, each individual taxpayer who is a  teacher
10    at  a  qualifying  school is entitled to a credit against the
11    tax imposed by subsections (a) and (b) of Section 201 in  the
12    amount  equal  to  the  amount  spent  by the taxpayer in the
13    taxable year, up to a maximum credit of $200 in  the  taxable
14    year,  for  instructional materials for use in the classroom.
15    The Department shall establish by rule  those  expenses  that
16    are  eligible  for  the  credit  under  this Section. The tax
17    credit may not reduce the taxpayer's liability to  less  than
18    zero.
19        (b)  If   the  amount  of  the  credit  exceeds  the  tax
20    liability for the year, the excess may be carried forward and
21    applied to the tax liability of the 5 taxable years following
22    the excess credit year. The credit shall be  applied  to  the
23    earliest  year  for  which there is a tax liability. If there
24    are credits from more than one tax year that are available to
25    offset a liability,  the  earlier  credit  shall  be  applied
26    first.
27        (c)  As used in this Section:
28        "Teacher"  means  a  person  employed in an instructional
29    position at a qualifying school.
30        "Qualifying  school"  means  either   (i)   a   nonprofit
31    elementary  or  secondary  school  in  Illinois, other than a

 
                            -2-      LRB093 04378 SJM 04428 b
 1    public school, that is in compliance with  Title  VI  of  the
 2    Civil  Rights  Act  of 1964 and attendance at which satisfies
 3    the requirements of Section 26-1 of the School Code or (ii) a
 4    public elementary or secondary school.

 5        Section 99. Effective date.  This  Act  takes  effect  on
 6    January 1, 2004.