91st General Assembly
Summary of HB1289
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House Sponsors:

Short description: 
INC TX-ADOPT A SCHOOL CR                                                   

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Creates a tax credit against      
   the taxes imposed under this Act for employer taxpayers in  an  amount      
   equal  to  100%  of  amounts, including but not limited to cash or the      
   fair market value of tangible personal property,  contributed  by  the      
   employer to public or private elementary, secondary, or post-secondary      
   schools  for  educational  purposes.   Provides that upon request, the      
   taxpayer shall certify to the Department the fair market value of  any      
   contributed property.  Provides that the credit may be carried forward      
   for  2  years.   Provides that in no event shall the credit reduce the      
   employer taxpayer's liability under the Act below  zero.   Applies  to      
   tax  years  beginning on or after January 1, 1999.  Exempts the credit      
   from the sunset provisions.  Effective immediately.                         
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

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


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