HB6691 95TH GENERAL ASSEMBLY

LRB095 22134 HLH 52423 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB6691

Introduced , by Rep. Dennis M. Reboletti

SYNOPSIS AS INTRODUCED:

35 ILCS 5/218 new

Amends the Illinois Income Tax Act. Provides that elementary and secondary school teachers are entitled to a credit under the Act in an amount equal to personal expenditures made by the teacher for teaching materials. Provides that the credit is limited to $500 or the individual's tax liability, whichever is less. 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 expense credit. For taxable years beginning on or after January 1, 2008, an individual taxpayer whose primary occupation is an elementary or secondary school teacher is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to personal expenditures made by the taxpayer for teaching materials as defined by rule of the Department. The amount of the credit is limited to $500 or the individual's tax liability, whichever is less. If the amount of a credit exceeds the tax liability for the year, then the excess may not be carried forward and applied to the tax liability of a succeeding taxable year. This Section is exempt from the provisions of Section 250.

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