SEVERNS-DEMUZIO AND LINK. 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, 1997. Sunsets the credit after 10 years. Effective immediately. 97-01-30 S FIRST READING 97-01-30 S REFERRED TO SENATE RULES COMMITTEE RULES 97-01-30 S ADDED AS A CHIEF CO-SPONSOR DEMUZIO 97-01-30 S ADDED AS A CO-SPONSOR LINK 97-02-05 S ASSIGNED TO COMMITTEE REVENUE 97-03-06 S POSTPONED 97-03-06 S COMMITTEE REVENUE 97-03-15 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary