Senate Sponsors: O'DANIEL. Short description: INC TX CR-TUITION-IL COLL-UNIV Synopsis of Bill as introduced: Amends the Illinois Income Tax Act to create a college affordability tax credit for individuals whose taxable income is $75,000 or less. The credit is 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. The taxpayer must provide supporting documentation to receive the credit. 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, 2001. Sunsets the credit after 10 years. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status