093_SB0557 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.