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Synopsis As Introduced Amends the Illinois Income Tax Act. Allows an income tax credit for each individual taxpayer who is a teacher teaching in a school in Illinois. Provides that the amount of the credit is equal to the eligible classroom expenses made by the taxpayer during the taxable year, but the credit may not exceed $500. Defines "eligible classroom expenses" as the aggregate amount of nonreimbursed classroom expenses made by the taxpayer during the taxable year less $250. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.
Senate Floor Amendment No. 1 Provides that the amount of the classroom supply credit is equal to 50% (instead of 100%) of the eligible classroom expenses.
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