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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB2053 Introduced 2/26/2021, by Sen. Omar Aquino SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Provides that each qualified teacher is entitled to an income tax credit in an aggregate amount equal to 50% of the tuition costs incurred by that teacher at a public university in the State. Provides that each qualified teacher may take no more than 20% of his or her aggregate credit amount in any taxable year. Provides that the term "qualified teacher" means an individual who (i) graduated from a public university in the State, (ii) is employed as a teacher in this State during the taxable year, and (iii) has been employed as a teacher in the State for at least 5 consecutive years as of the first day of the taxable year. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2053 | | LRB102 11522 HLH 16856 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 232 as follows: |
6 | | (35 ILCS 5/232 new) |
7 | | Sec. 232. Credit for qualified teachers. |
8 | | (a) For taxable years ending on or after December 31, |
9 | | 2021, each qualified teacher is entitled to a credit against |
10 | | the taxes imposed by subsections (a) and (b) of Section 201 in |
11 | | an aggregate amount equal to 50% of the tuition costs incurred |
12 | | by that teacher at a public university in the State. Each |
13 | | qualified teacher may take no more than 20% of his or her |
14 | | aggregate credit amount in any taxable year. |
15 | | (b) In no event shall a credit under this Section reduce a |
16 | | taxpayer's liability to less than zero. If the amount of |
17 | | credit exceeds the tax liability for the year, the excess may |
18 | | be carried forward and applied to the tax liability for the 5 |
19 | | taxable years following the excess credit year. The tax credit |
20 | | shall be applied to the earliest year for which there is a tax |
21 | | liability. If there are credits for more than one year that are |
22 | | available to offset liability, the earlier credit shall be |
23 | | applied first. |