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90_HB3746
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates a tax credit
for an individual taxpayer in an amount equal to 10% of the
credits allowable for that individual taxpayer for that
taxable year under the HOPE Scholarship tax credit provided
in Section 25A of the Internal Revenue Code and the Lifetime
Learning tax credit provided in Section 221 of the Internal
Revenue Code. Provides that in no event shall this credit
reduce the taxpayer's liability under this Act to less than
zero. Provides that the credit applies to tax years
beginning on or after January 1, 1998. Exempts the credit
from the sunset provisions. Effective July 1, 1998.
LRB9009004KDks
LRB9009004KDks
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. Education tax credit. For tax years beginning
9 on or after January 1, 1998, an individual taxpayer is
10 entitled to a credit against the taxes imposed under this Act
11 in an amount equal to 10% of the credits allowable for that
12 individual taxpayer for that taxable year under the HOPE
13 Scholarship tax credit provided in Section 25A of the
14 Internal Revenue Code and the Lifetime Learning tax credit
15 provided in Section 221 of the Internal Revenue Code. In no
16 event shall a credit under this Section reduce the taxpayer's
17 liability under this Act to less than zero. This Section is
18 exempt from the provisions of Section 250.
19 Section 99. Effective date. This Act takes effect July
20 1, 1998.