PHELPS-ERWIN. 35 ILCS 5/211 new Amends the Illinois Income Tax Act. Creates a tax credit for an individual taxpayer in an amount equal to 10% of the credits allowable for that individual taxpayer for that taxable year under the HOPE Scholarship tax credit provided in Section 25A of the Internal Revenue Code and the Lifetime Learning tax credit provided in Section 221 of the Internal Revenue Code. Provides that in no event shall this credit reduce the taxpayer's liability under this Act to less than zero. Provides that the credit applies to tax years beginning on or after January 1, 1998. Exempts the credit from the sunset provisions. Effective July 1, 1998. 98-02-17 H FILED WITH CLERK 98-02-17 H ADDED AS A JOINT SPONSOR ERWIN 98-02-17 H FIRST READING 98-02-17 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary