Synopsis As Introduced Amends the Higher Education Student Assistance Act and the Illinois Income tax Act. Authorizes the Illinois Student Assistance Commission to establish systems and programs to encourage employers to match employee contributions to prepaid programs of college savings by making donations to the Commission for prepaid programs of college savings and its programs of grants and loans to make higher education affordable for all residents of the State and to receive, hold, and disburse all such funds made available through those programs for the purposes for which they are authorized by rule or by law. Creates an income tax credit for employers who, during the taxable year, make a matching donation to the Illinois Student Assistance Commission on behalf of an employee. Provides that the credit is 25% of the matching donation, but not to exceed $500 per employee. Provides that the credit may be carried forward for 3 taxable years. Effective immediately.
Senate Committee Amendment No. 1 In the Illinois Income Tax Act, with respect to the credit for student-assistance contributions, deletes a requirement that the donation be made to the Illinois Student Assistance Commission. Makes other changes.
Replaces everything after the enacting clause. Amends the Film Production Services Tax Credit Act of 2008. Repeals a Section of the Act that provides that the Act will sunset on January 1, 2009. Provides that, for an accredited production commencing on or after January 1, 2009, the amount of the credit is (i) 30% (instead of 20%) of the Illinois production spending for the taxable year, and (ii) 15% of the Illinois labor expenditures generated by the employment of residents from areas of high unemployment or high poverty. Imposes conditions on any rulemaking authority. Effective immediately.