92nd General Assembly
Status of SB0176
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 Full Text  Bill Summary

   35 ILCS 5/213 new                                                           

        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.                                                      
   FEB-20-2001  S  FIRST READING                                                  
   FEB-20-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-21-2001  S       ASSIGNED TO COMMITTEE               REVENUE               
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary