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Sen. Mattie Hunter
Filed: 3/23/2007
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LRB095 07329 BDD 34535 a |
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| AMENDMENT TO SENATE BILL 327
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| AMENDMENT NO. ______. Amend Senate Bill 327, AS AMENDED, by |
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| replacing everything after the enacting clause with the |
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| following:
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| "Section 5. The Illinois Income Tax Act is amended by |
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| adding Section 218 as follows:
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| (35 ILCS 5/218 new) |
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| Sec. 218. Textbook purchase credit. |
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| (a) For taxable years ending on or after December 31, 2007, |
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| each individual taxpayer who, during the taxable year, |
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| purchases a textbook for use by a higher-education student in |
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| Illinois is entitled to a credit against the tax imposed under |
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| subsections (a) and (b) of Section 201 in an amount equal to 5% |
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| of the purchase price of that textbook, but the credit may not |
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| exceed $75 with respect to all textbooks purchased during the |
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| taxable year. |
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LRB095 07329 BDD 34535 a |
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| (b) The credit under this Section may not be carried |
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| forward or back and may not reduce the taxpayer's liability to |
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| less than zero. |
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| (c) For the purposes of this Section: |
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| "Textbook" means any book or book substitute
that a |
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| higher-education student uses as a text or text substitute in a |
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| particular class or
program recommended by the class |
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| instructor. The term includes books, reusable workbooks, |
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| manuals, whether bound
or in loose-leaf form, and instructional |
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| computer software, intended as a
principal source of study |
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| material for a given class or group of students. |
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| "Higher-education student" means any student who is |
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| enrolled full-time or part-time in a State university, public |
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| community college, or institution of higher learning, as |
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| defined in the Illinois
Financial Assistance Act for Nonpublic |
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| Institutions of Higher
Learning. |
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| (d) This Section is exempt from the provisions of Section |
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| 250.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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