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91_HB1289
LRB9102163PTmb
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.