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91_SB1595
LRB9112454SMdvA
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
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 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. The College Affordability Tax Credit.
9 Beginning with taxable years ending on or after December 31,
10 2000 and ending with taxable years ending on or before
11 December 31, 2009, an individual taxpayer whose taxable
12 income is $75,000 or less is entitled to a credit against the
13 tax imposed under this Act in an amount equal to 5% of
14 amounts spent during the taxable year for the tuition and
15 fees of the taxpayer and any dependent of the taxpayer
16 engaged in full-time or part-time undergraduate studies at
17 any public or private college, university, community college,
18 or degree granting proprietary institution located in
19 Illinois. The taxpayer shall provide supporting
20 documentation, as prescribed by the Department by rule, to
21 receive this credit. In no event shall a credit under this
22 Section reduce the taxpayer's liability under this Act to
23 less than zero.
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.