101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced , by Rep. Norine K. Hammond - Terri Bryant - Avery Bourne - Grant Wehrli - Patrick Windhorst, et al.
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Provides that the credit for
student-assistance contributions sunsets on December 31, 2030 (currently,
December 30, 2020). Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|HB5385||LRB101 16659 HLH 66046 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
changing Section 218 as follows:
(35 ILCS 5/218)
Credit for student-assistance contributions.
(a) For taxable years ending on or after December 31, 2009
and on or before
December 31, 2030
December 30, 2020
taxpayer who, during the taxable year, makes a contribution (i)
to a specified individual College Savings Pool Account under
Section 16.5 of the State Treasurer Act or (ii) to the Illinois
Prepaid Tuition Trust Fund in an amount matching a contribution
made in the same taxable year by an employee of the taxpayer to
that Account or Fund is entitled to a credit against the tax
imposed under subsections (a) and (b) of Section 201 in an
amount equal to 25% of that matching contribution, but not to
exceed $500 per contributing employee per taxable year.
(b) For partners, shareholders of Subchapter S
corporations, and owners of limited liability companies, if the
liability company is treated as a partnership for purposes of
federal and State income taxation, there is allowed a credit
under this Section to be determined in accordance with the