State of Illinois
91st General Assembly

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 1        AN  ACT  to  amend  the Illinois Income Tax Act by adding
 2    Section 211.

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

 5        Section  5.   The  Illinois  Income Tax Act is amended by
 6    adding Section 211 as follows:

 7        (35 ILCS 5/211 new)
 8        Sec. 211.  Adopt-a-School credit.
 9        (a)  For tax years beginning on or after January 1,  1999
10    each  employer  taxpayer  is entitled to a credit against the
11    taxes imposed under this Act in an amount equal  to  100%  of
12    amounts, including but not limited to cash or the fair market
13    value   of   tangible   personal  property,  contributed  for
14    educational purposes by the employer to any public or private
15    elementary, secondary, or post-secondary school in  Illinois.
16    Upon  request,  the  taxpayer shall certify to the Department
17    the fair market value of any contributed property.
18        (b)  If  the  amount  of  the  credit  exceeds  the   tax
19    liability  for  that  year,  whether  it exceeds the original
20    liability or the liability as later amended, the  excess  may
21    be  carried forward and applied to the tax liability of the 2
22    tax years following the  excess  credit  years.   The  credit
23    shall  be  applied  to  tax years following the excess credit
24    years.  The credit shall be applied to the earliest year  for
25    which  there  is  a liability.  If there is a credit for more
26    than one year that  is  applicable  to  offset  a  liability,
27    earlier credits shall be applied first.
28        (c)  In no event shall a credit under this Section reduce
29    the employer taxpayer's liability under this Act below zero.
30        (d)  This  Section  is  exempt  from  the  provisions  of
31    Section 250.
                            -2-                LRB9102163PTmb
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.

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