90th General Assembly
Summary of HB1516
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House Sponsors:

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


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