SB1471 101ST GENERAL ASSEMBLY

LRB101 09990 HLH 55092 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1471

Introduced 2/13/2019, by Sen. Jil Tracy

SYNOPSIS AS INTRODUCED:

35 ILCS 5/229 new

Amends the Illinois Income Tax Act. Provides that each eligible student is entitled to a refundable income tax credit in an amount equal to $500. Provides that, if the eligible student may be claimed as a dependent on another taxpayer's return, then the taxpayer claiming the eligible student may claim the credit; however, only one taxpayer may claim the credit for any particular student. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 229 as follows:

(35 ILCS 5/229 new)

Sec. 229. Invest in Illinois' Future Tax Credit.

(a) For taxable years beginning on or after January 1, 2019 and ending on or before December 31, 2024, each eligible student is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 in an amount equal to $500. If the eligible student may be claimed as a dependent on another taxpayer's return, then the taxpayer claiming the eligible student may claim the credit under this Section; provided, however, that only one taxpayer may claim the credit for any particular student.

(b) If the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess credit amount may be refunded to the taxpayer.

(c) As used in this Section "eligible student" means a student enrolled full-time at any accredited 4-year college or university in this State, but does not include students enrolled at a community college.

Section 99. Effective date. This Act takes effect upon becoming law.