Bill Title: Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers for expenditures by the taxpayer during the taxable year for the purpose of paying accrued higher education debt incurred by a person employed by the taxpayer during at least 10 months of the taxable year. The amount of the credit is up to 20% of the employee's accrued higher education debt during the first year, 30% during the second year, and 50% during the third year, but not to exceed an aggregate of $10,000 per employee. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Exempt from the Act's sunset provisions. Effective immediately.

Sponsorship: Partisan Bill (Republican 16)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB4091 Detail]

Text: Latest bill text (Introduced) [HTML]

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