House Sponsors: O'CONNOR. Short description: INC TX-ADOPT A SCHOOL CR Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Creates a tax credit against the taxes imposed under this Act for employer taxpayers in an amount equal to 100% of amounts, including but not limited to cash or the fair market value of tangible personal property, contributed by the employer to public or private elementary, secondary, or post-secondary schools for educational purposes. Provides that upon request, the taxpayer shall certify to the Department the fair market value of any contributed property. Provides that the credit may be carried forward for 2 years. Provides that in no event shall the credit reduce the employer taxpayer's liability under the Act below zero. Applies to tax years beginning on or after January 1, 1999. Exempts the credit from the sunset provisions. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status