House Sponsors: MCCARTHY. Short description: INC TX-EDUC EXPENSE-DEDUCT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Creates a deduction for individuals with an adjusted gross income of less than $100,000 for eligible expenses of the taxpayer and his or her dependents engaged in full-time or part-time undergraduate, graduate, or professional studies at any public or private college, university, community college, or degree granting proprietary institution. Provides that the deduction shall not exceed $10,000. Effective immediately. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB1516 fails to create a State mandate under the State Mandates Act. FISCAL NOTE (Bd. of Higher Ed.) Based on fall 1995 enrollments and fiscal year 1996 tuition and fee rates for Ill. colleges and universities, deducations authorized under the proposed legislation for tuition and fee expenses would result in a $54.8 million reduction in state re- venues. It is not possible to determine the value of those de- ductions that may result from other educational expenses. STATE DEBT IMPACT NOTE HB 1516 would not have an impact on the level of State debt. HOME RULE NOTE HB1516 does not preempt home rule authority. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status