TEACHER-FORGIV LOAN-INC TX DED House SponsorsRep. Cynthia Soto 1/11/2005HouseSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-203110 ILCS 947/65.25 Amends the Higher Education Student Assistance Act and the Illinois Income Tax Act. Provides for a $500 income tax deduction for a person holding a teaching certificate issued under the School Code and employed as a teacher in a public school district governed by the School Code. Requires the Illinois Student Assistance Commission to request an appropriation each year to sufficiently fund at least 25 teacher shortage scholarships. Requires the Commission to establish a loan forgiveness program for person's teaching in a public school in this State in an area of identified staff shortage. Effective July 1, 2003.Fiscal Note (Department of Revenue) House Bill 1633 proposes a $500 income tax deduction for a person holding a teaching certificate that is employed as a teacher in a public school district. The revenue loss due to the income tax deduction is estimated to cost the State approximately $2 million per tax year.Fiscal Note (Illinois Student Assistance Commission) The Illinois Student Assistance Commission estimates that the fiscal impact of HB 1633 for Fiscal Year 2004 will be $4 million. The estimated cost of the tax deduction would be approximately $2 million. The estimated cost of the scholarship program would be $125,000. The estimated cost of the loan forgiveness program in the first year of implementation would be approximately $2 million. 2/10/2003HouseFiled with the Clerk by Rep. Cynthia Soto 2/10/2003HouseFirst Reading 2/10/2003HouseReferred to Rules Committee 2/11/2003HouseAssigned to Revenue Committee 2/20/2003HouseFiscal Note Filed 2/27/2003HouseFiscal Note Filed 3/13/2003HouseRule 19(a) / Re-referred to Rules Committee 1/11/2005HouseSession Sine Die