|
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2808 Introduced , by Rep. Mary Edly-Allen SYNOPSIS AS INTRODUCED:
|
| |
Amends the Illinois Income Tax Act. Provides that the credit for instructional materials and supplies may not exceed $500 (currently, $250). Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | HB2808 | | LRB101 09620 HLH 54718 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 225 as follows:
|
| 6 | | (35 ILCS 5/225) |
| 7 | | Sec. 225. Credit for instructional materials and supplies. |
| 8 | | For taxable years beginning on and after January 1, 2017, a |
| 9 | | taxpayer shall be allowed a credit in the amount paid by the |
| 10 | | taxpayer during the taxable year for instructional materials |
| 11 | | and supplies with respect to classroom based instruction in a |
| 12 | | qualified school, or $250, whichever is less, provided that the |
| 13 | | taxpayer is a teacher, instructor, counselor, principal, or |
| 14 | | aide in a qualified school for at least 900 hours during a |
| 15 | | school year. The amount of the credit may not exceed (i) $250 |
| 16 | | for taxable years prior to January 1, 2019 or (ii) $500 for |
| 17 | | taxable years beginning on or after January 1, 2019. |
| 18 | | The credit may not be carried back and may not reduce the |
| 19 | | taxpayer's liability to less than zero. If the amount of the |
| 20 | | credit exceeds the tax liability for the year, the excess may |
| 21 | | be carried forward and applied to the tax liability of the 5 |
| 22 | | taxable years following the excess credit year. The tax credit |
| 23 | | shall be applied to the earliest year for which there is a tax |