Illinois General Assembly - Bill Status for HB0342
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 Bill Status of HB0342  93rd General Assembly


Short Description:  INC TAX-TEACHER MATERIALS-CRDT

House Sponsors
Rep. Naomi D. Jakobsson - Paul D. Froehlich - Robert F. Flider

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/213 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that each individual taxpayer who is a teacher in a qualifying school is entitled to an income tax credit in the amount equal to the amount spent by the taxpayer in the taxable year, up to a maximum credit of $200 in the taxable year, for instructional materials for use in the classroom. Provides that the credit may not reduce the taxpayer's liability to less than zero and that any excess credit may be carried forward for 5 years. Effective January 1, 2004.

 Fiscal Note (Illinois Department of Revenue)
 House Bill 342 creates the teacher's instructional materials credit. The credit is equal to the amount spent by a taxpayer, who is a teacher, during the tax year for instructional materials for use in the classroom. The credit cannot exceed $200 and cannot reduce the taxpayer's liability to zero. Excess credit amounts can be carried forward 5 tax years. The Department estimates that this bill could negatively impact revenues by $30 million.

Actions 
DateChamber Action
  1/27/2003HouseFiled with the Clerk by Rep. Naomi D. Jakobsson
  1/29/2003HouseFirst Reading
  1/29/2003HouseReferred to Rules Committee
  1/30/2003HouseAssigned to Revenue Committee
  2/20/2003HouseFiscal Note Filed
  2/21/2003HouseAdded Chief Co-Sponsor Rep. Paul D. Froehlich
  3/4/2003HouseAdded Chief Co-Sponsor Rep. Robert F. Flider
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

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