Bill Text: IL HB3300 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that each taxpayer who makes a contribution to an area vocational center established under the School Code is entitled to a credit in an amount equal to 50% of the amount of the donation. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB3300 Detail]

Download: Illinois-2017-HB3300-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB3300 Introduced , by Rep. Sue Scherer SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
Amends the Illinois Income Tax Act. Provides that each taxpayer who makes a contribution to an area vocational center established under the School Code is entitled to a credit in an amount equal to 50% of the amount of the donation. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB3300 LRB100 06251 HLH 16288 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Credit for donations to area vocational centers.
(a) For taxable years beginning on or after January 1, 2017
and beginning prior to January 1, 2022, each taxpayer who makes
a contribution to an area vocational center established under
the School Code is entitled to a credit against the tax imposed
by subsections (a) and (b) of Section 201 in an amount equal to
50% of the amount of the donation.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is
a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.

HB3300 - 2 - LRB100 06251 HLH 16288 b
Section 99. Effective date. This Act takes effect upon
becoming law.