100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3300

 

Introduced , by Rep. Sue Scherer

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Provides that each taxpayer who makes a contribution to an area vocational center established under the School Code is entitled to a credit in an amount equal to 50% of the amount of the donation. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3300LRB100 06251 HLH 16288 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Credit for donations to area vocational centers.
8    (a) For taxable years beginning on or after January 1, 2017
9and beginning prior to January 1, 2022, each taxpayer who makes
10a contribution to an area vocational center established under
11the School Code is entitled to a credit against the tax imposed
12by subsections (a) and (b) of Section 201 in an amount equal to
1350% of the amount of the donation.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the tax liability for the year, the excess
17may be carried forward and applied to the tax liability of the
185 taxable years following the excess credit year. The tax
19credit shall be applied to the earliest year for which there is
20a tax liability. If there are credits for more than one year
21that are available to offset a liability, the earlier credit
22shall be applied first.
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.