Bill Status of HB3350 98th General Assembly
Short Description: INC TX-TUITION WAIVERS
Rep. Michael W. Tryon
| 12/3/2014||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an addition modification in an amount equal to any tuition waiver, grant, or scholarship awarded by the public university to the taxpayer, or to the taxpayer's child, spouse, parent, or other family member, on the basis of the taxpayer's employment with the university if (i) the waiver, grant, or scholarship is used by the recipient in that taxable year and (ii) those amounts are not otherwise included in the taxpayer's adjusted gross income. Provides that 100% of the revenue realized from that addition modification shall be deposited into the Monetary Award Program Reserve Fund. Effective immediately.