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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1430
Introduced 2/21/2007, by Rep. Fred Crespo - Sidney H. Mathias - Paul D. Froehlich SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Allows an income tax credit for each individual taxpayer who, during the taxable year, donates instructional materials for use in a school in Illinois. Provides that the amount of the credit is equal to the cost of those donated materials, but not to exceed $200. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB1430 |
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LRB095 08786 BDD 28971 b |
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| 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 218 as follows:
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| (35 ILCS 5/218 new)
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| Sec. 218. Classroom supply credit. |
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| (a) For taxable years ending on or after December 31, 2007 |
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| and ending on or before December 30, 2012, each individual |
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| taxpayer who, during the taxable year, donates instructional |
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| materials for use in a school in Illinois is entitled to a |
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| credit against the tax imposed by subsections (a) and (b) of |
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| Section 201 in an amount equal to the cost of those donated |
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| materials, but not to exceed $200. |
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| (b) For the purpose of this Section, "school" means any |
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| public or nonpublic elementary or secondary school in Illinois |
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| that is in compliance with Title VI of the Civil Rights Act of |
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| 1964 and attendance at which satisfies the requirements of |
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| Section 26-1 of the School Code.
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| (c) The credit may not be carried forward or back. In no
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| event shall a credit under this Section reduce the taxpayer's
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| liability to less than zero.
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