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Synopsis As Introduced Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning July 1, 2007, the tax with respect to textbooks required for use at State universities and public community colleges or certain other institutions of higher learning is imposed under these Acts at the rate of 1.25% (eliminating the State's portion of the tax). Authorizes the Department of Revenue to adopt rules. Amends the State Finance Act to adjust the distribution with respect to this tax. Effective immediately.
Deletes everything after the enacting clause. Amends the Retailers' Occupation Tax Act. Makes a technical change in a Section concerning the short title.
Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. Creates a tax credit for individual taxpayers who, during the taxable year, purchase a textbook for use by a higher-education student in Illinois. Provides that the amount of the credit is 5% of the purchase price of that textbook, but the credit may not exceed $75 with respect to all textbooks purchased during the taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the Act's sunset provisions. Effective immediately.
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