CRONIN-PHILIP-KARPIEL-DUDYCZ-PETKA AND WALSH,T.
INC TX-EDUCATION EXPENSE CR
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Provides that beginning with
tax years ending after December 31, 1999, a taxpayer who is the
custodian of a qualified pupil shall be allowed an income tax credit
for qualified education expenses. Provides that any credit in excess
of the tax liability shall be refunded to the taxpayer. Provides that
the pupil must be (i) a resident of Illinois, (ii) under 21 years of
age at the close of the school year for which the credit is sought,
and (iii) a full-time pupil enrolled in a kindergarten through twelfth
grade education program at any public or nonpublic elementary school
that meets certain standards. Provides that qualified education
expenses are costs in excess of $250 that are incurred on behalf of
the pupil for tuition, book fees, and lab fees at the school.
Provides that the credit is available to the parent, parents, or legal
guardian of the pupil. Exempts the credit from the sunset provisions.
SENATE AMENDMENT NO. 2.
Deletes a provision authorizing a refund to the taxpayer for any
credit in excess of tax liability. Provides that the credit shall not
reduce the taxpayer's liability to less than zero.
Last action on Bill: PUBLIC ACT.............................. 91-0009
Last action date: 99-06-03
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status