Bill Status of HB3407 101st General Assembly
Short Description: INC TX-STUDENT LOAN
Rep. Karina Villa - Terra Costa Howard - Robyn Gabel - Mary Edly-Allen - Monica Bristow, Jonathan Carroll, Barbara Hernandez and Lindsey LaPointe
| 1/13/2021||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.