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90_HB3210 35 ILCS 5/211 new Amends the Illinois Income Tax Act. Creates a tax credit against the taxes imposed under this Act for employer taxpayers in an amount equal to 100% of amounts, including but not limited to cash or the fair market value of tangible personal property, contributed by the employer to public or private elementary, secondary, or post-secondary schools for educational purposes. Provides that upon request, the taxpayer shall certify to the Department the fair market value of any contributed property. Provides that the credit may be carried forward for 2 years. Provides that in no event shall the credit reduce the employer taxpayer's liability under the Act below zero. Applies to tax years beginning on or after January 1, 1998. Exempts the credit from the sunset provisions. Effective immediately. LRB9010283KDpc LRB9010283KDpc 1 AN ACT to amend the Illinois Income Tax Act by adding 2 Section 211. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Income Tax Act is amended by 6 adding Section 211 as follows: 7 (35 ILCS 5/211 new) 8 Sec. 211. Adopt-a-School credit. 9 (a) For tax years beginning on or after January 1, 1998 10 each employer taxpayer is entitled to a credit against the 11 taxes imposed under this Act in an amount equal to 100% of 12 amounts, including but not limited to cash or the fair market 13 value of tangible personal property, contributed for 14 educational purposes by the employer to any public or private 15 elementary, secondary, or post-secondary school in Illinois. 16 Upon request, the taxpayer shall certify to the Department 17 the fair market value of any contributed property. 18 (b) If the amount of the credit exceeds the tax 19 liability for that year, whether it exceeds the original 20 liability or the liability as later amended, the excess may 21 be carried forward and applied to the tax liability of the 2 22 tax years following the excess credit years. The credit 23 shall be applied to tax years following the excess credit 24 years. The credit shall be applied to the earliest year for 25 which there is a liability. If there is a credit for more 26 than one year that is applicable to offset a liability, 27 earlier credits shall be applied first. 28 (c) In no event shall a credit under this Section reduce 29 the employer taxpayer's liability under this Act below zero. 30 (d) This paragraph is exempt from the provisions of 31 Section 250. -2- LRB9010283KDpc 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
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