093_HB3442

 
                                     LRB093 05076 SJM 05136 b

 1        AN ACT concerning taxation.

 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.  Teacher credit.
 8        (a)  As  used  in  this Section, "teacher" means a person
 9    holding a teaching certificate issued under Article 21 of the
10    School Code and who  is  employed  by  a  public  or  private
11    elementary or secondary school in this State, including those
12    providing vocational and technical instruction.
13        (b)  For  tax years ending on or after December 31, 2003,
14    each taxpayer who is a teacher is allowed  a  credit  against
15    the  tax imposed under subsections (a) and (b) of Section 201
16    in the following amounts: $500 if the teacher  has  completed
17    at  least  2  but less than 5 years of teaching by the end of
18    the taxable year, $750 if the teacher has completed at  least
19    5  but  less  than  10  years  of  teaching by the end of the
20    taxable year, $1,000 if the teacher has completed at least 10
21    but less than 15 years of teaching by the end of the  taxable
22    year,  and  $1,500  if  the teacher has completed at least 15
23    years of teaching by  the  end  of  the  taxable  year.   The
24    credit,  however,  may  not  exceed  50% of the amount of tax
25    owing on the taxable amount of the salary of the teacher less
26    the amount of the exemption claimed by the  teacher  and  may
27    not reduce the taxpayer's liability to less than zero.
28        (c)  This  Section  is  exempt  from  the  provisions  of
29    Section 250.