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90_HB0400eng
35 ILCS 5/211 new
Amends the Illinois Income Tax Act to create an income
tax credit for a taxpayer with an adjusted gross income of
less than $100,000 in an amount not to exceed $500 for
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, or community
college located in Illinois. Provides that this credit is
not available to individuals whose tuition or fees are
reimbursed by their employers. 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, 1997. Sunsets the credit after 10 years. Effective
immediately.
LRB9000153KDksD
HB0400 Engrossed LRB9000153KDksD
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Tax credit for tuition and fees paid at any
9 public or private college, university, or community college
10 located in Illinois. Beginning with taxable years ending on
11 or after December 31, 1997 and ending with taxable years
12 ending on or before December 31, 2006, a taxpayer with an
13 adjusted gross income of less than $100,000 is entitled to a
14 credit against the tax imposed under this Act in an amount
15 not to exceed the lesser of $500 or 50% of actual costs for
16 amounts spent during the taxable year for the tuition and
17 fees of the taxpayer and any dependent of the taxpayer
18 engaged in full-time or part-time undergraduate studies at
19 any public or private college, university, or community
20 college located in Illinois. This credit shall not be
21 available to individuals whose tuition or fees are reimbursed
22 by their employers or the Illinois Student Assistance
23 Commission's Monetary Award Program (MAP). In no event shall
24 a credit under this Section reduce the taxpayer's liability
25 under this Act to less than zero.
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.