94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0329


 
Introduced 2/15/2005, by Sen. Arthur J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. Creates  the  College
   Affordability Tax Credit in 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.   Provides  that  the  taxpayer shall provide supporting
   documentation to receive the credit. Provides that 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, 2005.  Sunsets
   the credit after 10 years.  Effective immediately. 
















LRB094 04302 BDD 34328 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB0329

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1
    AN ACT concerning revenue.

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


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. The   College   Affordability   Tax  Credit. Beginning 
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with taxable years ending on or after December  31,
2005  and  
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ending  with  taxable  years  ending  on or before
December 31, 
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2014, a taxpayer is entitled to a credit against
the tax 
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imposed under this Act in an amount equal  to  5%  of
amounts  
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spent  during  the  taxable year for the tuition and
fees of the  
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taxpayer  and  any  dependent  of  the  taxpayer
engaged  in  full-time  
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or part-time undergraduate studies at
any public or private 
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college, university, community college,
or  degree  granting  
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proprietary  institution   located   in
Illinois.    The    taxpayer    
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shall    provide   supporting
documentation, as prescribed by the 
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Department  by  rule,  to
receive  this  credit.  In no event shall a 
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credit under this
Section reduce the taxpayer's liability  under  
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this  Act  to
less than zero.
 

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