101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1471

 

Introduced 2/13/2019, by Sen. Jil Tracy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/229 new

    Amends the Illinois Income Tax Act. Provides that each eligible student is entitled to a refundable income tax credit in an amount equal to $500. Provides that, if the eligible student may be claimed as a dependent on another taxpayer's return, then the taxpayer claiming the eligible student may claim the credit; however, only one taxpayer may claim the credit for any particular student. Effective immediately.


LRB101 09990 HLH 55092 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1471LRB101 09990 HLH 55092 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 229 as follows:
 
6    (35 ILCS 5/229 new)
7    Sec. 229. Invest in Illinois' Future Tax Credit.
8    (a) For taxable years beginning on or after January 1, 2019
9and ending on or before December 31, 2024, each eligible
10student is entitled to a credit against the taxes imposed by
11subsections (a) and (b) of Section 201 in an amount equal to
12$500. If the eligible student may be claimed as a dependent on
13another taxpayer's return, then the taxpayer claiming the
14eligible student may claim the credit under this Section;
15provided, however, that only one taxpayer may claim the credit
16for any particular student.
17    (b) If the amount of the credit exceeds the taxpayer's
18liability for the taxable year, the excess credit amount may be
19refunded to the taxpayer.
20    (c) As used in this Section "eligible student" means a
21student enrolled full-time at any accredited 4-year college or
22university in this State, but does not include students
23enrolled at a community college.
 

 

 

SB1471- 2 -LRB101 09990 HLH 55092 b

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