Bill Text: IL SB1471 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Provides that each eligible student is entitled to a refundable income tax credit in an amount equal to $500. Provides that, if the eligible student may be claimed as a dependent on another taxpayer's return, then the taxpayer claiming the eligible student may claim the credit; however, only one taxpayer may claim the credit for any particular student. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Failed) 2021-01-13 - Session Sine Die [SB1471 Detail]
Download: Illinois-2019-SB1471-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 229 as follows:
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6 | (35 ILCS 5/229 new) | ||||||||||||||||||||||||
7 | Sec. 229. Invest in Illinois' Future Tax Credit. | ||||||||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, 2019 | ||||||||||||||||||||||||
9 | and ending on or before December 31, 2024, each eligible | ||||||||||||||||||||||||
10 | student is entitled to a credit against the taxes imposed by | ||||||||||||||||||||||||
11 | subsections (a) and (b) of Section 201 in an amount equal to | ||||||||||||||||||||||||
12 | $500. If the eligible student may be claimed as a dependent on | ||||||||||||||||||||||||
13 | another taxpayer's return, then the taxpayer claiming the | ||||||||||||||||||||||||
14 | eligible student may claim the credit under this Section; | ||||||||||||||||||||||||
15 | provided, however, that only one taxpayer may claim the credit | ||||||||||||||||||||||||
16 | for any particular student. | ||||||||||||||||||||||||
17 | (b) If the amount of the credit exceeds the taxpayer's | ||||||||||||||||||||||||
18 | liability for the taxable year, the excess credit amount may be | ||||||||||||||||||||||||
19 | refunded to the taxpayer. | ||||||||||||||||||||||||
20 | (c) As used in this Section "eligible student" means a | ||||||||||||||||||||||||
21 | student enrolled full-time at any accredited 4-year college or | ||||||||||||||||||||||||
22 | university in this State, but does not include students | ||||||||||||||||||||||||
23 | enrolled at a community college.
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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