Full Text of HB4463 103rd General Assembly
HB4463 103RD GENERAL ASSEMBLY | | | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB4463 Introduced 1/16/2024, by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED: | | | Amends the Illinois Income Tax Act. Provides that the maximum amount of the credit for instructional materials and supplies is $5,000 for taxable years beginning on or after January 1, 2024 (currently, $500). Effective immediately. |
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| | | | HB4463 | | LRB103 36977 HLH 67091 b |
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| 1 | | AN ACT concerning revenue. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 225 as follows: | 6 | | (35 ILCS 5/225) | 7 | | Sec. 225. Credit for instructional materials and supplies. | 8 | | For taxable years beginning on and after January 1, 2017, a | 9 | | taxpayer shall be allowed a credit in the amount paid by the | 10 | | taxpayer during the taxable year for instructional materials | 11 | | and supplies with respect to classroom based instruction in a | 12 | | qualified school, or the maximum credit amount, whichever is | 13 | | less, provided that the taxpayer is a teacher, instructor, | 14 | | counselor, principal, or aide in a qualified school for at | 15 | | least 900 hours during a school year. | 16 | | The credit may not be carried back and may not reduce the | 17 | | taxpayer's liability to less than zero. If the amount of the | 18 | | credit exceeds the tax liability for the year, the excess may | 19 | | be carried forward and applied to the tax liability of the 5 | 20 | | taxable years following the excess credit year. The tax credit | 21 | | shall be applied to the earliest year for which there is a tax | 22 | | liability. If there are credits for more than one year that are | 23 | | available to offset a liability, the earlier credit shall be |
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| 1 | | applied first. | 2 | | For purposes of this Section, the term "materials and | 3 | | supplies" means amounts paid for instructional materials or | 4 | | supplies that are designated for classroom use in any | 5 | | qualified school. For purposes of this Section, the term | 6 | | "qualified school" means a public school or non-public school | 7 | | located in Illinois. | 8 | | For purposes of this Section, the term "maximum credit | 9 | | amount" means (i) $250 for taxable years beginning prior to | 10 | | January 1, 2023 , and (ii) $500 for taxable years beginning on | 11 | | or after January 1, 2023 and beginning before January 1, 2024, | 12 | | and (iii) $5,000 for taxable years beginning on or after | 13 | | January 1, 2024 . | 14 | | This Section is exempt from the provisions of Section 250. | 15 | | (Source: P.A. 102-700, eff. 4-19-22.) | 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law. |
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