Bill Status of HB 3407   101st General Assembly

Short Description:  INC TX-STUDENT LOAN

House Sponsors
Rep. Karina Villa-Terra Costa Howard-Robyn Gabel-Mary Edly-Allen-Monica Bristow, Jonathan Carroll, Barbara Hernandez and Lindsey LaPointe

Last Action  View All Actions

DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/229 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a taxpayer who has incurred at least $20,000 in undergraduate student loan debt and has at least $5,000 in outstanding undergraduate student loan debt at the time of the application is entitled to a credit as awarded by the Department of Revenue. Provides that Department of Revenue that the amount of the credit shall not exceed $ 5,000 per taxpayer. Provides that the total amount of credits approved by the Department of Revenue under the provisions of the amendatory Act may not exceed $5,000,000 in any taxable year. Contains recapture provisions. Effective immediately.

Actions 
DateChamber Action
  2/15/2019HouseFiled with the Clerk by Rep. Karina Villa
  2/15/2019HouseFirst Reading
  2/15/2019HouseReferred to Rules Committee
  3/5/2019HouseAssigned to Revenue & Finance Committee
  3/12/2019HouseAdded Chief Co-Sponsor Rep. Terra Costa Howard
  3/12/2019HouseAdded Chief Co-Sponsor Rep. Robyn Gabel
  3/12/2019HouseAdded Chief Co-Sponsor Rep. Mary Edly-Allen
  3/12/2019HouseAdded Chief Co-Sponsor Rep. Monica Bristow
  3/14/2019HouseTo Income Tax Subcommittee
  3/25/2019HouseAdded Co-Sponsor Rep. Jonathan Carroll
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  4/11/2019HouseAdded Co-Sponsor Rep. Barbara Hernandez
  8/7/2019HouseAdded Co-Sponsor Rep. Lindsey LaPointe
  1/13/2021HouseSession Sine Die

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