92nd General Assembly
Summary of HB0701
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House Sponsors:

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

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act to create an income tax credit      
   for a taxpayer with an adjusted gross income of less than $100,000  in      
   an amount not to exceed $500 for 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,  or  community college      
   located in Illinois.  Provides that this credit is  not  available  to      
   individuals  whose  tuition or fees are reimbursed by their employers.      
   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,  2001.   Sunsets  the  credit  after  10   years.      
   Effective immediately.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


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