House Sponsors: PHELPS-ERWIN. Short description: INC TX-CREDIT-EDUCATION EXPENS Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status