CAPPARELLI, CURRIE, CURRY,JULIE, DAVIS,STEVE,
GASH, GRANBERG, HARTKE, HOLBROOK, HOWARD, KENNER, LANG,
MAUTINO, MCGUIRE, MCKEON, NOVAK, PUGH, RONEN, SANTIAGO,
SCOTT, SILVA, SLONE, WOOLARD, YOUNGE, DAVIS,MONIQUE,
FLOWERS, BROSNAHAN, O'BRIEN, CROTTY, BRUNSVOLD, JONES,LOU,
SCULLY, MCCARTHY, ACEVEDO, FANTIN, FRITCHEY AND SMITH,MICHAEL.
INC TX CR-TUITION-IL COLL-UNIV
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act to create an income tax credit
for a taxpayer with an adjusted gross income of less than $100,000 in
an amount not to exceed $500 for 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, or community college
located in Illinois. Provides that this credit is not available to
individuals whose tuition or fees are reimbursed by their employers.
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.
HOUSE AMENDMENT NO. 1.
Provides that the credit shall be in an amount not to exceed the
lesser of $500 or 50% of the actual costs of amounts spent for tuition
and fees (now the credit is not to exceed $500). Provides that the
credit shall not be available to individuals whose tuition or fees are
reimbursed by the Illinois Student Assistance Commission's Monetary
FISCAL NOTE (Dept. of Revenue)
Estimated annual cost of HB400 is $169 million.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB 400 fails to create a State mandate.
FISCAL NOTE, H-AM 1 (Dept. of Revenue)
No change from previous fiscal note.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status