Bill Text: IL SB2800 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Provides that the credit for student-assistance contributions sunsets on December 31, 2030 (currently, December 30, 2020). Provides that, for taxable years ending on or after December 31, 2020, the maximum student-assistance credit is $1,000 per contributing employee per taxable year (currently, $500). Effective immediately.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB2800 Detail]
Download: Illinois-2019-SB2800-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 | ||||||||||||||||||||||||
5 | changing Section 218 as follows:
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6 | (35 ILCS 5/218) | ||||||||||||||||||||||||
7 | Sec. 218. Credit for student-assistance contributions. | ||||||||||||||||||||||||
8 | (a) For taxable years ending on or after December 31, 2009 | ||||||||||||||||||||||||
9 | and on or before December 31, 2030 December 30, 2020 , each | ||||||||||||||||||||||||
10 | taxpayer who, during the taxable year, makes a contribution (i) | ||||||||||||||||||||||||
11 | to a specified individual College Savings Pool Account under | ||||||||||||||||||||||||
12 | Section 16.5 of the State Treasurer Act or (ii) to the Illinois | ||||||||||||||||||||||||
13 | Prepaid Tuition Trust Fund in an amount matching a contribution | ||||||||||||||||||||||||
14 | made in the same taxable year by an employee of the taxpayer to | ||||||||||||||||||||||||
15 | that Account or Fund is entitled to a credit against the tax | ||||||||||||||||||||||||
16 | imposed under subsections (a) and (b) of Section 201 in an | ||||||||||||||||||||||||
17 | amount equal to 25% of that matching contribution, but not to | ||||||||||||||||||||||||
18 | exceed (i) $500 per contributing employee per taxable year for | ||||||||||||||||||||||||
19 | taxable years ending prior to December 31, 2020 and (ii) $1,000 | ||||||||||||||||||||||||
20 | per contributing employee per taxable year for taxable years | ||||||||||||||||||||||||
21 | ending on or after December 31, 2020 . | ||||||||||||||||||||||||
22 | (b) For partners, shareholders of Subchapter S | ||||||||||||||||||||||||
23 | corporations, and owners of limited liability companies, if the |
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1 | liability company is treated as a partnership for purposes of | ||||||
2 | federal and State income taxation, there is allowed a credit | ||||||
3 | under this Section to be determined in accordance with the | ||||||
4 | determination of income and distributive share of income under | ||||||
5 | Sections 702 and 704 and Subchapter S of the Internal Revenue | ||||||
6 | Code. | ||||||
7 | (c) The credit may not be carried back. If the amount of | ||||||
8 | the credit exceeds the tax liability for the year, the excess | ||||||
9 | may be carried forward and applied to the tax liability of the | ||||||
10 | 5 taxable years following the excess credit year. The tax | ||||||
11 | credit shall be applied to the earliest year for which there is | ||||||
12 | a tax liability. If there are credits for more than one year | ||||||
13 | that are available to offset a liability, the earlier credit | ||||||
14 | shall be applied first.
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15 | (d) A taxpayer claiming the credit under this Section must | ||||||
16 | maintain and record any information that the Illinois Student | ||||||
17 | Assistance Commission, the Office of the State Treasurer, or | ||||||
18 | the Department may require regarding the matching contribution | ||||||
19 | for which the credit is claimed.
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20 | (Source: P.A. 96-198, eff. 8-10-09.)
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21 | Section 99. Effective date. This Act takes effect upon | ||||||
22 | becoming law.
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