Illinois General Assembly - Bill Status for SB0329

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Bill Status of SB0329 94th General Assembly

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Short Description: INC TX-CREDIT-COLLEGE EXPENSE

Senate Sponsors
Sen. Arthur J. Wilhelmi

Last Action

Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/216 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates the College Affordability Tax Credit in 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. Provides that the taxpayer shall provide supporting documentation to receive the credit. Provides that 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, 2005. Sunsets the credit after 10 years. Effective immediately.

Actions

Date	Chamber	Action
2/15/2005	Senate	Filed with Secretary by Sen. Arthur J. Wilhelmi
2/15/2005	Senate	First Reading
2/15/2005	Senate	Referred to Rules
2/17/2005	Senate	Assigned to Higher Education
3/3/2005	Senate	Postponed - Higher Education
3/10/2005	Senate	Postponed - Higher Education
3/17/2005	Senate	Held in Higher Education
3/18/2005	Senate	Rule 3-9(a) / Re-referred to Rules
1/9/2007	Senate	Session Sine Die

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