90th General Assembly
Summary of SB1587
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Senate Sponsors:

Short description: 
INC TX CR-TUITION-IL COLL-UNIV                                             

Synopsis of Bill as introduced:
        Amends  the  Illinois  Income  Tax  Act  to  create  the  College      
   Affordability Tax Credit in an amount equal to  5%  of  amounts  spent      
   during  the  taxable year for the tuition and fees of the taxpayer and      
   any dependent of  the  taxpayer  engaged  in  full-time  or  part-time      
   undergraduate  studies  at  any public or private college, university,      
   community college, or degree granting proprietary institution  located      
   in  Illinois.   Provides  that  the  taxpayer shall provide supporting      
   documentation to receive the credit. Provides that the credit may  not      
   reduce  the  taxpayer's  income  tax  liability  to  less  than  zero.      
   Applicable to tax years ending on or after December 31, 1998.  Sunsets      
   the credit after 10 years.  Effective immediately.                          
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status