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 LRB094 04302 BDD 34328 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 adding
5 Section 216 as follows:
 
6     (35 ILCS 5/216 new)
7     Sec. 216. The College Affordability Tax Credit. Beginning
8 with taxable years ending on or after December 31, 2005 and
9 ending with taxable years ending on or before December 31,
10 2014, a taxpayer is entitled to a credit against the tax
11 imposed under this Act in an amount equal to 5% of amounts
12 spent during the taxable year for the tuition and fees of the
13 taxpayer and any dependent of the taxpayer engaged in full-time
14 or part-time undergraduate studies at any public or private
15 college, university, community college, or degree granting
16 proprietary institution located in Illinois. The taxpayer
17 shall provide supporting documentation, as prescribed by the
18 Department by rule, to receive this credit. In no event shall a
19 credit under this Section reduce the taxpayer's liability under
20 this Act to less than zero.
 
21     Section 99. Effective date. This Act takes effect upon
22 becoming law.