Illinois General Assembly - Bill Status for HB0342

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Bill Status of HB0342 93rd General Assembly

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Short Description: INC TAX-TEACHER MATERIALS-CRDT

House Sponsors
Rep. Naomi D. Jakobsson - Paul D. Froehlich - Robert F. Flider

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/213 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that each individual taxpayer who is a teacher in a qualifying school is entitled to an income tax credit in the amount equal to the amount spent by the taxpayer in the taxable year, up to a maximum credit of $200 in the taxable year, for instructional materials for use in the classroom. Provides that the credit may not reduce the taxpayer's liability to less than zero and that any excess credit may be carried forward for 5 years. Effective January 1, 2004.

Fiscal Note (Illinois Department of Revenue)

House Bill 342 creates the teacher's instructional materials credit. The credit is equal to the amount spent by a taxpayer, who is a teacher, during the tax year for instructional materials for use in the classroom. The credit cannot exceed $200 and cannot reduce the taxpayer's liability to zero. Excess credit amounts can be carried forward 5 tax years. The Department estimates that this bill could negatively impact revenues by $30 million.

Actions

Date	Chamber	Action
1/27/2003	House	Filed with the Clerk by Rep. Naomi D. Jakobsson
1/29/2003	House	First Reading
1/29/2003	House	Referred to Rules Committee
1/30/2003	House	Assigned to Revenue Committee
2/20/2003	House	Fiscal Note Filed
2/21/2003	House	Added Chief Co-Sponsor Rep. Paul D. Froehlich
3/4/2003	House	Added Chief Co-Sponsor Rep. Robert F. Flider
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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