LRB093 07459 SJM 07626 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. Continuing education credit; teachers.
 8        (a)  For  taxable  years  ending on or after December 31,
 9    2003,  each  taxpayer  who  is  an  elementary  or  secondary
10    education teacher in  Illinois  and  who  takes  a  qualified
11    continuing  education  course is entitled to a credit against
12    the tax imposed by subsections (a) and (b) of Section 201  in
13    the  amount  of 5% of the amount spent by the taxpayer in the
14    taxable year for the qualified continuing  education  course.
15    The  tax  credit  may  not reduce the taxpayer's liability to
16    less than zero.
17        (b)  The State Board of Education must  promulgate  rules
18    governing  who is eligible for the credit, what constitutes a
19    qualified continuing  education  course,  what  expenses  are
20    includable, and any other necessary matters.
21        (c)  If   the  amount  of  the  credit  exceeds  the  tax
22    liability for the year, the excess may be carried forward and
23    applied to the tax liability of the 5 taxable years following
24    the excess credit year. The credit shall be  applied  to  the
25    earliest  year  for  which there is a tax liability. If there
26    are credits from more than one tax year that are available to
27    offset a liability,  the  earlier  credit  shall  be  applied
28    first.
29        (d)  This  Section  is  exempt  from  the  provisions  of
30    Section 250.
                            -2-      LRB093 07459 SJM 07626 b
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.