HB1430 95TH GENERAL ASSEMBLY

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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1430

Introduced 2/21/2007, by Rep. Fred Crespo - Sidney H. Mathias - Paul D. Froehlich

SYNOPSIS AS INTRODUCED:

35 ILCS 5/218 new

Amends the Illinois Income Tax Act. Allows an income tax credit for each individual taxpayer who, during the taxable year, donates instructional materials for use in a school in Illinois. Provides that the amount of the credit is equal to the cost of those donated materials, but not to exceed $200. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 218 as follows:

(35 ILCS 5/218 new)

Sec. 218. Classroom supply credit.

(a) For taxable years ending on or after December 31, 2007 and ending on or before December 30, 2012, each individual taxpayer who, during the taxable year, donates instructional materials for use in a school in Illinois is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to the cost of those donated materials, but not to exceed $200.

(b) For the purpose of this Section, "school" means any public or nonpublic elementary or secondary school in Illinois that is in compliance with Title VI of the Civil Rights Act of 1964 and attendance at which satisfies the requirements of Section 26-1 of the School Code.

(c) The credit may not be carried forward or back. In no event shall a credit under this Section reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect upon becoming law.