Illinois General Assembly - Bill Status for HB5342

Amends the Corporate Accountability for Tax Expenditures Act. Provides that the Department of Commerce and Economic Opportunity shall post on its website (i) the identity of each recipient from whom amounts were recaptured, (ii) the amount recaptured, and (iii) the identity of each recipient receiving a waiver of the recapture provisions.

Provides that the Department shall post (instead of publish) certain information on its website. Removes a provision from the introduced bill requiring that the Department post the identity of recipients who received a waiver. Provides that the disclosure requirements apply only to amounts recaptured on or after the effective date of the amendatory Act.

Requires the Department of Commerce and Economic Opportunity to post on its website (i) the identity of each recipient from whom amounts were recaptured under this Section on or after the effective date of this amendatory Act of the 97th General Assembly, (ii) the date of the recapture, (iii) a summary of the reasons supporting the recapture, and (iv) the amount recaptured (in the introduced bill, the Department is required to publish the identity of each recipient from whom amounts were recaptured, the amount recaptured, and the identity of each recipient receiving a waiver).

Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. In provisions concerning unitary business groups, provides that, for taxable years ending on or after December 31, 2012, the term "United States" includes any area over which the United States has asserted jurisdiction or claimed exclusive rights with respect to the exploration for or exploitation of natural resources. Provides that 100% of the proceeds collected as a result of the changes made to this Act by this amendatory Act of the 97th General Assembly shall be deposited into the Education Assistance Fund. Creates a credit in an amount equal to 2.5% of the qualified education expenses paid by a qualifying taxpayer to an eligible educational institution during the taxable year for a qualified student, but not to exceed $250 per qualifying individual taxpayer who files as married filing jointly, or $125 per taxpayer who files as an individual, married filing separately, widow, or head of household, in any taxable year. Provides that the term "eligible educational institution" means any public or private university, community college, vocational school, or other postsecondary educational institution that is physically located in the State and is eligible to participate in a student loan program administered by the United States Department of Education. Provides that the term "qualified education expenses" means tuition and fees required for enrollment or attendance at an eligible educational institution, as well as expenses for course-related books, supplies, and equipment if those expenses are incurred as part of the student's course of study. Effective immediately.

Removes a provision from the bill as amended by Senate Amendment 1 that provides that the proceeds collected as a result of certain changes made to the Illinois Income Tax Act shall be deposited into the Education Assistance Fund. Provides for the annual transfer of $100,000,000 from the General Revenue Fund to the Education Assistance Fund. Makes a technical correction.

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