State of Illinois
90^th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]

90_SB0645

      35 ILCS 5/211 new
          Amends the Illinois Income Tax Act.  Creates a tax credit
      against  the  taxes  imposed  under  this  Act  for  employer
      taxpayers in an amount equal to 100% of  amounts  contributed
      by  the  employer to public or private elementary, secondary,
      or post-secondary schools for educational purposes.  Provides
      that the credit may be carried forward for 2 years.  Provides
      that in  no  event  shall  the  credit  reduce  the  employer
      taxpayer's  liability  under  the Act below zero.  Applies to
      tax years beginning on or after January 1, 1997 and ending on
      or before December 30, 2002.
                                                     LRB9002758KDpc
                                               LRB9002758KDpc
 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.  Adopt-a-School   credit.    For   tax  years
 9    beginning on or after January 1, 1997 and ending on or before
10    December 30, 2002, each employer taxpayer is  entitled  to  a
11    credit  against the taxes imposed under this Act in an amount
12    equal to 100% of amounts contributed for educational purposes
13    by  the  employer  to  any  public  or  private   elementary,
14    secondary,  or  post-secondary  school  in  Illinois.  If the
15    amount of the credit exceeds the tax liability for that year,
16    whether it exceeds the original liability or the liability as
17    later amended, the excess may be carried forward and  applied
18    to  the tax liability of the 2 tax years following the excess
19    credit years.  The credit  shall  be  applied  to  tax  years
20    following  the  excess  credit  years.   The  credit shall be
21    applied to the earliest year for which there is a  liability.
22    If  there  is  a  credit  for  more  than  one  year  that is
23    applicable to offset a liability, earlier  credits  shall  be
24    applied first.  In no event shall a credit under this Section
25    reduce the employer taxpayer's liability under this Act below
26    zero.

[ Top ]