Illinois General Assembly - Bill Status for HB3442
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 Bill Status of HB3442  93rd General Assembly


Short Description:  INC TAX-TEACHER CREDIT

House Sponsors
Rep. Jack McGuire - Mike Boland

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/213 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Authorizes a credit for public and private elementary and secondary school teachers in the following amounts: $500 if the teacher has completed at least 2 but less than 5 years of teaching by the end of the taxable year, $750 if the teacher has completed at least 5 but less than 10 years of teaching by the end of the taxable year, $1,000 if the teacher has completed at least 10 but less than 15 years of teaching by the end of the taxable year, and $1,500 if the teacher has completed at least 15 years of teaching by the end of the taxable year. The credit, however, may not exceed 50% of the amount of tax owing on the taxable amount of the salary of the teacher less the amount of the exemption claimed by the teacher and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the sunset provisions of the Act.

Actions 
DateChamber Action
  2/28/2003HouseFiled with the Clerk by Rep. Jack McGuire
  2/28/2003HouseFirst Reading
  2/28/2003HouseReferred to Rules Committee
  3/5/2003HouseAssigned to Revenue Committee
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  3/20/2003HouseAdded Chief Co-Sponsor Rep. Mike Boland
  1/11/2005HouseSession Sine Die

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