State of Illinois
90th General Assembly
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90_SB1587

      35 ILCS 5/211 new
          Amends the Illinois Income Tax Act to create the  College
      Affordability  Tax Credit in an amount equal to 5% of amounts
      spent during the taxable year for the tuition and fees of the
      taxpayer  and  any  dependent  of  the  taxpayer  engaged  in
      full-time or part-time undergraduate studies at any public or
      private college, university,  community  college,  or  degree
      granting   proprietary   institution   located  in  Illinois.
      Provides  that  the   taxpayer   shall   provide   supporting
      documentation to receive the credit. Provides that the credit
      may  not  reduce  the taxpayer's income tax liability to less
      than zero.  Applicable  to  tax  years  ending  on  or  after
      December  31,  1998.   Sunsets  the  credit  after  10 years.
      Effective immediately.
                                                     LRB9011276KDpc
                                               LRB9011276KDpc
 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.  The   College   Affordability   Tax  Credit.
 9    Beginning with taxable years ending on or after December  31,
10    1998  and  ending  with  taxable  years  ending  on or before
11    December 31, 2007, a taxpayer is entitled to a credit against
12    the tax imposed under this Act in an amount equal  to  5%  of
13    amounts  spent  during  the  taxable year for the tuition and
14    fees of the  taxpayer  and  any  dependent  of  the  taxpayer
15    engaged  in  full-time  or part-time undergraduate studies at
16    any public or private college, university, community college,
17    or  degree  granting  proprietary  institution   located   in
18    Illinois.    The    taxpayer    shall    provide   supporting
19    documentation, as prescribed by the Department  by  rule,  to
20    receive  this  credit.  In no event shall a credit under this
21    Section reduce the taxpayer's liability  under  this  Act  to
22    less than zero.
23        Section  99.  Effective date.  This Act takes effect upon
24    becoming law.

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