SB3157 100TH GENERAL ASSEMBLY

LRB100 19952 HLH 35233 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB3157

Introduced 2/15/2018, by Sen. Omar Aquino

SYNOPSIS AS INTRODUCED:

35 ILCS 5/227 new

Amends the Illinois Income Tax Act. Provides that each qualified teacher is entitled to an income tax credit in an aggregate amount equal to 50% of the tuition costs incurred by that teacher at a public university in the State. Provides that each qualified teacher may take no more than 20% of his or her aggregate credit amount in any taxable year. Provides that the term "qualified teacher" means an individual who (i) graduated from a public university in the State, (ii) is employed as a teacher in this State during the taxable year, and (iii) has been employed as a teacher in the State for at least 5 consecutive years as of the first day of the taxable year. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 227 as follows:

(35 ILCS 5/227 new)

Sec. 227. Credit for qualified teachers.

(a) For taxable years ending on or after December 31, 2018, each qualified teacher is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 in an aggregate amount equal to 50% of the tuition costs incurred by that teacher at a public university in the State. Each qualified teacher may take no more than 20% of his or her aggregate credit amount in any taxable year.

(b) In no event shall a credit under this Section reduce a taxpayer's liability to less than zero. If the amount of credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability for the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset liability, the earlier credit shall be applied first.

(c) As used in this Section, "qualified teacher" means an individual who (i) graduated from a public university in the State, (ii) is employed as a teacher in this State during the taxable year, and (iii) has been employed as a teacher in the State for at least 5 consecutive years as of the first day of the taxable year.

(d) This Section is exempt from the provisions of Section 250.

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