Full Text of SB0210 103rd General Assembly
SB0210 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB0210 Introduced 1/31/2023, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Provides that a taxpayer who may claim a qualifying student as a dependent is allowed a credit of up to $2,000 for qualified tuition and fee expenses paid by the taxpayer. Provides that the term qualifying student means a person who (i) is a resident of the State, (ii) is under the age of 24 at the close of the school year for which a credit is sought, and (iii) during the school year for which a credit is sought, is a full-time student enrolled in a program at a qualifying college or university. Effective immediately.
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| | A BILL FOR |
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| | | SB0210 | | LRB103 26390 HLH 52753 b |
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| 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 | 5 | | adding Section 234 as follows: | 6 | | (35 ILCS 5/234 new) | 7 | | Sec. 234. College tuition expense credit. | 8 | | (a) For taxable years ending on or after December 31, | 9 | | 2023, a taxpayer who may claim one or more qualifying students | 10 | | as a dependent shall be allowed a credit up to $2,000 against | 11 | | the tax imposed by subsections (a) and (b) of this Section for | 12 | | qualified tuition and fee expenses paid by the taxpayer during | 13 | | the taxable year on behalf of the qualifying student or | 14 | | students. | 15 | | (b) In no event shall a credit under this Section reduce a | 16 | | taxpayer's liability to less than zero. If the amount of | 17 | | credit exceeds the tax liability for the year, the excess may | 18 | | be carried and applied to the tax liability for the 5 taxable | 19 | | years following the excess credit year. The tax credit shall | 20 | | be applied to the earliest year for which there is a tax | 21 | | liability. If there are credits for more than one year that are | 22 | | available to offset liability, the earlier credit shall be | 23 | | applied first. |
| | | SB0210 | - 2 - | LRB103 26390 HLH 52753 b |
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| 1 | | (c) For the purpose of this Section: | 2 | | "Qualifying college or university" means any public or | 3 | | private university, community college, vocational school, or | 4 | | other postsecondary educational institution that is physically | 5 | | located in the State and is eligible to participate in a | 6 | | student loan program administered by the United States | 7 | | Department of Education. | 8 | | "Qualifying student" means an individual who (i) is a | 9 | | resident of the State, (ii) is under the age of 24 at the close | 10 | | of the school year for which a credit is sought, and (iii) | 11 | | during the school year for which a credit is sought, is a | 12 | | full-time student enrolled in a program at a qualifying | 13 | | college or university at which the student is enrolled. | 14 | | "Qualified tuition and fee expense" means the amount | 15 | | incurred by on behalf of a qualifying student for tuition, | 16 | | book fees, and lab fees at the qualifying college of | 17 | | university at which the student is enrolled. | 18 | | (d) Notwithstanding any other provision of law, no | 19 | | taxpayer may claim a credit under this Section if the | 20 | | taxpayer's adjusted gross income for the taxable year exceeds | 21 | | (i) $250,000, in the case of spouses filing a joint federal tax | 22 | | return or (ii) $125,000, in the case of all other taxpayers. | 23 | | (e) This Section is exempt from the provisions of Section | 24 | | 250.
| 25 | | Section 99. Effective date. This Act takes effect upon | 26 | | becoming law.
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