Sen. Mattie Hunter
Filed: 3/23/2007
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| 1 | AMENDMENT TO SENATE BILL 327
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 327, AS AMENDED, by | ||||||
| 3 | replacing everything after the enacting clause with the | ||||||
| 4 | following:
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| 5 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
| 6 | adding Section 218 as follows: | ||||||
| 7 | (35 ILCS 5/218 new) | ||||||
| 8 | Sec. 218. Textbook purchase credit. | ||||||
| 9 | (a) For taxable years ending on or after December 31, 2007, | ||||||
| 10 | each individual taxpayer who, during the taxable year, | ||||||
| 11 | purchases a textbook for use by a higher-education student in | ||||||
| 12 | Illinois is entitled to a credit against the tax imposed under | ||||||
| 13 | subsections (a) and (b) of Section 201 in an amount equal to 5% | ||||||
| 14 | of the purchase price of that textbook, but the credit may not | ||||||
| 15 | exceed $75 with respect to all textbooks purchased during the | ||||||
| 16 | taxable year. | ||||||
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| 1 | (b) The credit under this Section may not be carried | ||||||
| 2 | forward or back and may not reduce the taxpayer's liability to | ||||||
| 3 | less than zero. | ||||||
| 4 | (c) For the purposes of this Section: | ||||||
| 5 | "Textbook" means any book or book substitute
that a | ||||||
| 6 | higher-education student uses as a text or text substitute in a | ||||||
| 7 | particular class or
program recommended by the class | ||||||
| 8 | instructor. The term includes books, reusable workbooks, | ||||||
| 9 | manuals, whether bound
or in loose-leaf form, and instructional | ||||||
| 10 | computer software, intended as a
principal source of study | ||||||
| 11 | material for a given class or group of students. | ||||||
| 12 | "Higher-education student" means any student who is | ||||||
| 13 | enrolled full-time or part-time in a State university, public | ||||||
| 14 | community college, or institution of higher learning, as | ||||||
| 15 | defined in the Illinois
Financial Assistance Act for Nonpublic | ||||||
| 16 | Institutions of Higher
Learning. | ||||||
| 17 | (d) This Section is exempt from the provisions of Section | ||||||
| 18 | 250.
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| 19 | Section 99. Effective date. This Act takes effect upon | ||||||
| 20 | becoming law.".
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