Bill Text: IL HB4463 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that the maximum amount of the credit for instructional materials and supplies is $5,000 for taxable years beginning on or after January 1, 2024 (currently, $500). Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB4463 Detail]

Download: Illinois-2023-HB4463-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4463 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
35 ILCS 5/225
Amends the Illinois Income Tax Act. Provides that the maximum amount of the credit for instructional materials and supplies is $5,000 for taxable years beginning on or after January 1, 2024 (currently, $500). Effective immediately.
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A BILL FOR
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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
changing Section 225 as follows:
(35 ILCS 5/225)
Sec. 225. Credit for instructional materials and supplies.
For taxable years beginning on and after January 1, 2017, a
taxpayer shall be allowed a credit in the amount paid by the
taxpayer during the taxable year for instructional materials
and supplies with respect to classroom based instruction in a
qualified school, or the maximum credit amount, whichever is
less, provided that the taxpayer is a teacher, instructor,
counselor, principal, or aide in a qualified school for at
least 900 hours during a school year.
The credit may not be carried back and may not reduce the
taxpayer's liability to less than zero. If the amount of the
credit exceeds the tax liability for the year, the excess may
be carried forward and applied to the tax liability of 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 a liability, the earlier credit shall be

HB4463 - 2 - LRB103 36977 HLH 67091 b
applied first.
For purposes of this Section, the term "materials and
supplies" means amounts paid for instructional materials or
supplies that are designated for classroom use in any
qualified school. For purposes of this Section, the term
"qualified school" means a public school or non-public school
located in Illinois.
For purposes of this Section, the term "maximum credit
amount" means (i) $250 for taxable years beginning prior to
January 1, 2023, and (ii) $500 for taxable years beginning on
or after January 1, 2023 and beginning before January 1, 2024,
and (iii) $5,000 for taxable years beginning on or after
January 1, 2024.
This Section is exempt from the provisions of Section 250.
(Source: P.A. 102-700, eff. 4-19-22.)