92nd General Assembly
Summary of SB0176
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Senate Sponsors:

Short description: 
INC TX CR-TUITION-IL COLL-UNIV                                             

Synopsis of Bill as introduced:
        Amends  the  Illinois  Income  Tax  Act  to  create   a   college      
   affordability  tax  credit  for  individuals  whose  taxable income is      
   $75,000 or less.  The credit is an amount equal to 5% of 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,      
   community  college, or degree granting proprietary institution located      
   in Illinois.  The taxpayer must provide  supporting  documentation  to      
   receive  the  credit.  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,  2001.   Sunsets  the  credit  after  10   years.      
   Effective immediately.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status