90th General Assembly
Summary of HB0400
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House Sponsors:
MADIGAN,MJ-PHELPS-ERWIN-GIGLIO-GILES, BOLAND, 
   CAPPARELLI, CURRIE, CURRY,JULIE, DAVIS,STEVE, 
   GASH, GRANBERG, HARTKE, HOLBROOK, HOWARD, KENNER, LANG, 
   MAUTINO, MCGUIRE, MCKEON, NOVAK, PUGH, RONEN, SANTIAGO, 
   SCOTT, SILVA, SLONE, WOOLARD, YOUNGE, DAVIS,MONIQUE, 
   FLOWERS, BROSNAHAN, O'BRIEN, CROTTY, BRUNSVOLD, JONES,LOU, 
   SCULLY, MCCARTHY, ACEVEDO, FANTIN, FRITCHEY AND SMITH,MICHAEL.

Senate Sponsors:
CRONIN-WELCH-SEVERNS-HALVORSON-LINK

Short description: 
INC TX CR-TUITION-IL COLL-UNIV                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act to create an income tax credit      
   for a taxpayer with an adjusted gross income of less than $100,000  in      
   an amount not to exceed $500 for 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,  or  community college      
   located in Illinois.  Provides that this credit is  not  available  to      
   individuals  whose  tuition or fees are reimbursed by their employers.      
   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.                                                      
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that the credit shall be in an amount not to exceed  the      
   lesser of $500 or 50% of the actual costs of amounts spent for tuition      
   and  fees  (now  the credit is not to exceed $500).  Provides that the      
   credit shall not be available to individuals whose tuition or fees are      
   reimbursed by the Illinois Student  Assistance  Commission's  Monetary      
   Award Program.                                                              
          FISCAL NOTE (Dept. of Revenue)                                       
          Estimated annual cost of HB400 is $169 million.                      
          STATE MANDATES FISCAL NOTE                                           
          In the opinion of DCCA, HB 400 fails to create a State mandate.      
          FISCAL NOTE, H-AM 1 (Dept. of Revenue)                               
          No change from previous fiscal note.                                 
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 



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