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90_SB0291
35 ILCS 5/211 new
Amends the Illinois Income Tax Act to create 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, 1997. Sunsets the credit after 10 years.
Effective immediately.
LRB9001430KDpk
LRB9001430KDpk
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. The College Affordability Tax Credit.
9 Beginning with taxable years ending on or after December 31,
10 1997 and ending with taxable years ending on or before
11 December 31, 2006, a taxpayer is entitled to a credit against
12 the tax imposed under this Act in an amount equal to 5% of
13 amounts spent during the taxable year for the tuition and
14 fees of the taxpayer and any dependent of the taxpayer
15 engaged in full-time or part-time undergraduate studies at
16 any public or private college, university, community college,
17 or degree granting proprietary institution located in
18 Illinois. The taxpayer shall provide supporting
19 documentation, as prescribed by the Department by rule, to
20 receive this credit. In no event shall a credit under this
21 Section reduce the taxpayer's liability under this Act to
22 less than zero.
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.