Illinois General Assembly - Bill Status for HB1120

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Bill Status of HB1120 93rd General Assembly

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Short Description: INCOME TAX-EDUCATION CREDIT

House Sponsors
Rep. Michael K. Smith

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/201

from Ch. 120, par. 2-201

Synopsis As Introduced
Amends the education expense credit provisions of the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003, to be eligible for the education expense credit the taxpayer's gross income for federal income tax purposes must be equal to or less than 150% of the poverty level as established by the federal Office of Management and Budget. Effective immediately.

Fiscal Note (Illinois Department of Revenue)

House Bill 1120 sets a new eligibility requirement for the education expense tax credit. To be eligible for the credit, the taxpayer's gross income must be equal to or less than 150% of the poverty level. The new requirement would be effective for tax years ending on or after December 31, 2003. Based on the new eligibility requirements, education expense credits claimed could be reduced by at least $50 million.

Actions

Date	Chamber	Action
2/4/2003	House	Filed with the Clerk by Rep. Michael K. Smith
2/4/2003	House	First Reading
2/4/2003	House	Referred to Rules Committee
2/5/2003	House	Assigned to Revenue Committee
2/20/2003	House	Re-assigned to Executive Committee
2/20/2003	House	Fiscal Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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