MCGUIRE AND FRANKS. 35 ILCS 5/213 new Amends the Illinois Income Tax Act. Authorizes a credit for public and private elementary and secondary school teachers in the following amounts: $500 if the teacher has completed at least 2 but less than 5 years of teaching by the end of the taxable year, $750 if the teacher has completed at least 5 but less than 10 years of teaching by the end of the taxable year, $1,000 if the teacher has completed at least 10 but less than 15 years of teaching by the end of the taxable year, and $1,500 if the teacher has completed at least 15 years of teaching by the end of the taxable year. The credit, however, may not exceed 50% of the amount of tax owing on the taxable amount of the salary of the teacher less the amount of the exemption claimed by the teacher and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the sunset provisions of the Act. FEB-22-2001 H FILED WITH CLERK FEB-22-2001 H FIRST READING FEB-22-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-23-2001 H ADDED AS A CO-SPONSOR FRANKS FEB-27-2001 H ASSIGNED TO COMMITTEE REVENUE MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary