093_HB0254

 
                                     LRB093 04375 SJM 04425 b

 1        AN ACT concerning taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Income Tax  Act  is  amended  by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec.  213.  Tax  credit  for tuition and fees paid at any
 8    public or private college, university, or  community  college
 9    located  in Illinois.  Beginning with taxable years ending on
10    or after December 31, 2003  and  ending  with  taxable  years
11    ending  on  or  before  December 31, 2012, a taxpayer with an
12    adjusted gross income of less than $100,000 is entitled to  a
13    credit  against  the  tax imposed under this Act in an amount
14    not to exceed $500 for amounts spent during the taxable  year
15    for the tuition and fees of the taxpayer and any dependent of
16    the  taxpayer engaged in full-time or part-time undergraduate
17    studies at any public  or  private  college,  university,  or
18    community college located in Illinois.  This credit shall not
19    be  available  to  individuals  whose  tuition  or  fees  are
20    reimbursed  by  their  employers.  In no event shall a credit
21    under this Section reduce the taxpayer's liability under this
22    Act to less than zero.

23        Section 99.  Effective date.  This Act takes effect  upon
24    becoming law.