Bill Amendment: IL SB2053 | 2021-2022 | 102nd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: INCOME TAX-EDUCATION CREDIT
Status: 2021-04-23 - Added as Co-Sponsor Sen. Laura Fine [SB2053 Detail]
Download: Illinois-2021-SB2053-Senate_Amendment_001.html
Bill Title: INCOME TAX-EDUCATION CREDIT
Status: 2021-04-23 - Added as Co-Sponsor Sen. Laura Fine [SB2053 Detail]
Download: Illinois-2021-SB2053-Senate_Amendment_001.html
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| 1 | AMENDMENT TO SENATE BILL 2053
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2053 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
| 5 | adding Section 232 as follows:
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| 6 | (35 ILCS 5/232 new) | ||||||
| 7 | Sec. 232. Credit for qualified teachers. | ||||||
| 8 | (a) For taxable years ending on or after December 31, | ||||||
| 9 | 2021, each qualified teacher is entitled to a credit against | ||||||
| 10 | the taxes imposed by subsections (a) and (b) of Section 201 in | ||||||
| 11 | an aggregate amount equal to 50% of the unreimbursed tuition | ||||||
| 12 | costs incurred by that teacher at a public university in the | ||||||
| 13 | State. Each qualified teacher may take no more than 20% of his | ||||||
| 14 | or her aggregate credit amount in any taxable year. | ||||||
| 15 | Notwithstanding the provisions of this subsection (a), the | ||||||
| 16 | credit used by any particular taxpayer in any taxable year | ||||||
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| 1 | shall not exceed $10,000. | ||||||
| 2 | (b) In no event shall a credit under this Section reduce a | ||||||
| 3 | taxpayer's liability to less than zero. If the amount of | ||||||
| 4 | credit exceeds the tax liability for the year, the excess may | ||||||
| 5 | be carried forward and applied to the tax liability for the 5 | ||||||
| 6 | taxable years following the excess credit year. The tax credit | ||||||
| 7 | shall be applied to the earliest year for which there is a tax | ||||||
| 8 | liability. If there are credits for more than one year that are | ||||||
| 9 | available to offset liability, the earlier credit shall be | ||||||
| 10 | applied first. | ||||||
| 11 | (c) As used in this Section, "qualified teacher" means an | ||||||
| 12 | individual who (i) graduated from a public university in the | ||||||
| 13 | State, (ii) is first employed as a public school teacher after | ||||||
| 14 | December 31, 2020, and (iii) has been employed as a public | ||||||
| 15 | school teacher in the State for at least 5 consecutive years. | ||||||
| 16 | (d) The Department shall adopt rules to implement this | ||||||
| 17 | Section. | ||||||
| 18 | (e) This Section is exempt from the provisions of Section | ||||||
| 19 | 250.
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| 20 | Section 99. Effective date. This Act takes effect upon | ||||||
| 21 | becoming law.".
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