HB3300 100TH GENERAL ASSEMBLY

LRB100 06251 HLH 16288 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3300

Introduced , by Rep. Sue Scherer

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Provides that each taxpayer who makes a contribution to an area vocational center established under the School Code is entitled to a credit in an amount equal to 50% of the amount of the donation. 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 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Credit for donations to area vocational centers.

(a) For taxable years beginning on or after January 1, 2017 and beginning prior to January 1, 2022, each taxpayer who makes a contribution to an area vocational center established under the School Code is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 50% of the amount of the donation.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.

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