Illinois General Assembly - Bill Status for HB 254

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, 2003. Sunsets the credit after 10 years. Effective immediately.

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Date	Chamber	Action
1/23/2003	House	Filed with the Clerk by Rep. Dan Reitz
1/23/2003	House	First Reading
1/23/2003	House	Referred to Rules Committee
1/29/2003	House	Assigned to Revenue Committee
2/5/2003	House	Added Chief Co-Sponsor Rep. Lou Lang
2/5/2003	House	Added Chief Co-Sponsor Rep. Robert Rita
2/6/2003	House	Added Chief Co-Sponsor Rep. Naomi D. Jakobsson
2/11/2003	House	Fiscal Note Filed
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

	Fiscal Note (Illinois Department of Revenue)
	HB 254 would have a negative impact on the State's revenues, however, the Illinois Department of Revenue is unable to determine what the amount would be at this time.