SB0327 Engrossed LRB095 07329 BDD 27470 b

1     AN ACT regarding taxation.
 
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 218 as follows:
 
6     (35 ILCS 5/218 new)
7     Sec. 218. Textbook purchase credit.
8     (a) For taxable years ending on or after December 31, 2007,
9 each individual taxpayer who, during the taxable year,
10 purchases a textbook for use by a higher education student in
11 Illinois is entitled to a credit against the tax imposed under
12 subsections (a) and (b) of Section 201 in an amount equal to 5%
13 of the purchase price of that textbook, but the credit may not
14 exceed $75 with respect to all textbooks purchased during the
15 taxable year.
16     (b) The credit under this Section may not be carried
17 forward or back and may not reduce the taxpayer's liability to
18 less than zero.
19     (c) For the purposes of this Section:
20     "Textbook" means any book or book substitute that a higher
21 education student uses as a text or text substitute in a
22 particular class or program recommended by the class
23 instructor. The term includes books, reusable workbooks,

 

 

SB0327 Engrossed - 2 - LRB095 07329 BDD 27470 b

1 manuals, whether bound or in loose-leaf form, and instructional
2 computer software, intended as a principal source of study
3 material for a given class or group of students.
4     "Higher education student" means any student who is
5 enrolled full-time or part-time in a State university, public
6 community college, or institution of higher learning, as
7 defined in the Illinois Financial Assistance Act for Nonpublic
8 Institutions of Higher Learning.
9     (d) This Section is exempt from the provisions of Section
10 250.
 
11     Section 99. Effective date. This Act takes effect upon
12 becoming law.