INCOME TAX-EDUCATION CREDIT House SponsorsRep. Michael K. Smith 1/11/2005HouseSession Sine Die 35 ILCS 5/201from Ch. 120, par. 2-201 Amends the education expense credit provisions of the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003, to be eligible for the education expense credit the taxpayer's gross income for federal income tax purposes must be equal to or less than 150% of the poverty level as established by the federal Office of Management and Budget. Effective immediately.Fiscal Note (Illinois Department of Revenue) House Bill 1120 sets a new eligibility requirement for the education expense tax credit. To be eligible for the credit, the taxpayer's gross income must be equal to or less than 150% of the poverty level. The new requirement would be effective for tax years ending on or after December 31, 2003. Based on the new eligibility requirements, education expense credits claimed could be reduced by at least $50 million. 2/4/2003HouseFiled with the Clerk by Rep. Michael K. Smith 2/4/2003HouseFirst Reading 2/4/2003HouseReferred to Rules Committee 2/5/2003HouseAssigned to Revenue Committee 2/20/2003HouseRe-assigned to Executive Committee 2/20/2003HouseFiscal Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die