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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2800 Introduced 2/4/2020, by Sen. Jennifer Bertino-Tarrant SYNOPSIS AS INTRODUCED:
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2800 | | LRB101 16727 HLH 66116 b |
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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 |