Illinois General Assembly - Bill Status for HB2388
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 Bill Status of HB2388  102nd General Assembly

Short Description:  INC TX-STUDENT LOAN

House Sponsors
Rep. Katie Stuart, Jaime M. Andrade, Jr., Will Guzzardi and Jonathan Carroll

Last Action
DateChamber Action
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
35 ILCS 5/232 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a taxpayer who has incurred at least $20,000 in undergraduate student loan debt and has at least $5,000 in outstanding undergraduate student loan debt at the time of the application is entitled to a credit as awarded by the Department of Revenue. Provides that Department of Revenue that the amount of the credit shall not exceed $ 5,000 per taxpayer. Provides that the total amount of credits approved by the Department of Revenue under the provisions of the amendatory Act may not exceed $5,000,000 in any taxable year. Contains recapture provisions. Effective immediately.

DateChamber Action
  2/17/2021HouseFiled with the Clerk by Rep. Katie Stuart
  2/17/2021HouseFirst Reading
  2/17/2021HouseReferred to Rules Committee
  3/9/2021HouseAssigned to Revenue & Finance Committee
  3/18/2021HouseTo Income Tax Subcommittee
  3/27/2021HouseRule 19(a) / Re-referred to Rules Committee
  7/7/2021HouseAdded Co-Sponsor Rep. Jaime M. Andrade, Jr.
  7/7/2021HouseAdded Co-Sponsor Rep. Will Guzzardi
  7/19/2021HouseAdded Co-Sponsor Rep. Jonathan Carroll

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