Bill Text: IL SB3157 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that each qualified teacher is entitled to an income tax credit in an aggregate amount equal to 50% of the tuition costs incurred by that teacher at a public university in the State. Provides that each qualified teacher may take no more than 20% of his or her aggregate credit amount in any taxable year. Provides that the term "qualified teacher" means an individual who (i) graduated from a public university in the State, (ii) is employed as a teacher in this State during the taxable year, and (iii) has been employed as a teacher in the State for at least 5 consecutive years as of the first day of the taxable year. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2019-01-09 - Session Sine Die [SB3157 Detail]

Download: Illinois-2017-SB3157-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB3157 Introduced 2/15/2018, by Sen. Omar Aquino SYNOPSIS AS INTRODUCED:
35 ILCS 5/227 new
Amends the Illinois Income Tax Act. Provides that each qualified teacher is entitled to an income tax credit in an aggregate amount equal to 50% of the tuition costs incurred by that teacher at a public university in the State. Provides that each qualified teacher may take no more than 20% of his or her aggregate credit amount in any taxable year. Provides that the term "qualified teacher" means an individual who (i) graduated from a public university in the State, (ii) is employed as a teacher in this State during the taxable year, and (iii) has been employed as a teacher in the State for at least 5 consecutive years as of the first day of the taxable year. Effective immediately.
LRB100 19952 HLH 35233 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
SB3157 LRB100 19952 HLH 35233 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 227 as follows:
(35 ILCS 5/227 new)
Sec. 227. Credit for qualified teachers.
(a) For taxable years ending on or after December 31, 2018,
each qualified teacher is entitled to a credit against the
taxes imposed by subsections (a) and (b) of Section 201 in an
aggregate amount equal to 50% of the tuition costs incurred by
that teacher at a public university in the State. Each
qualified teacher may take no more than 20% of his or her
aggregate credit amount in any taxable year.
(b) In no event shall a credit under this Section reduce a
taxpayer's liability to less than zero. If the amount of credit
exceeds the tax liability for the year, the excess may be
carried forward and applied to the tax liability for 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 liability, the earlier credit shall be
applied first.

SB3157 - 2 - LRB100 19952 HLH 35233 b
(c) As used in this Section, "qualified teacher" means an
individual who (i) graduated from a public university in the
State, (ii) is employed as a teacher in this State during the
taxable year, and (iii) has been employed as a teacher in the
State for at least 5 consecutive years as of the first day of
the taxable year.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.