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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status