O'DANIEL-DEMUZIO-OBAMA-TROTTER-LIGHTFORD. 35 ILCS 5/212 new Amends the Illinois Income Tax Act to create the College Affordability Tax Credit for individuals whose taxable income is $75,000 or less 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, 2000. Sunsets the credit after 10 years. Effective immediately. 00-02-01 S FIRST READING 00-02-01 S REFERRED TO SENATE RULES COMMITTEE RULES 00-02-09 S ADDED AS A CHIEF CO-SPONSOR TROTTER 00-02-15 S ADDED AS A CHIEF CO-SPONSOR LIGHTFORD 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary