Bill Amendment: IL SB0804 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: REVENUE-TECH
Status: 2023-06-26 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0804 Detail]
Download: Illinois-2023-SB0804-Senate_Amendment_001.html
Bill Title: REVENUE-TECH
Status: 2023-06-26 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0804 Detail]
Download: Illinois-2023-SB0804-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 804
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2 | AMENDMENT NO. ______. Amend Senate Bill 804 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 234 as follows:
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6 | (35 ILCS 5/234 new) | ||||||
7 | Sec. 234. Credit for qualified teachers. | ||||||
8 | (a) For taxable years ending on or after December 31, | ||||||
9 | 2023, 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 total unreimbursed | ||||||
12 | tuition costs incurred by that teacher to attend a public | ||||||
13 | university in the State. Each qualified teacher may take no | ||||||
14 | more than 20% of the aggregate credit available to that | ||||||
15 | teacher under this Section in any taxable year. Qualified | ||||||
16 | teachers must be actively employed as public school teachers |
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1 | in the State during each taxable year in which they claim a | ||||||
2 | credit under this Section. Notwithstanding the provisions of | ||||||
3 | this subsection, the credit used by any single qualified | ||||||
4 | teacher in any taxable year shall not exceed $10,000. | ||||||
5 | (b) In no event shall a credit under this Section reduce a
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6 | taxpayer's liability to less than zero. If the amount of
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7 | credit exceeds the tax liability for the year, the excess may
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8 | be carried forward and applied to the tax liability for the | ||||||
9 | taxable years following the excess credit year. The tax credit
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10 | shall be applied to the earliest year for which there is a tax
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11 | liability. If there are credits for more than one year that are
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12 | available to offset liability, the earlier credit shall be
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13 | applied first. | ||||||
14 | (c) As used in this Section, "qualified teacher" means an
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15 | individual who (i) graduates from a public university in the
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16 | State on or after the effective date of this amendatory Act of | ||||||
17 | the 103rd General Assembly, (ii) is first employed as a public | ||||||
18 | school teacher after
December 31, 2023, and (iii) has been | ||||||
19 | employed as a public
school teacher in the State for at least 5 | ||||||
20 | consecutive years prior to the first day of the taxable year or | ||||||
21 | has achieved and maintained contractual continued service | ||||||
22 | status pursuant to the School Code as of the first day of the | ||||||
23 | taxable year. | ||||||
24 | (d) The Department shall adopt rules to implement this
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25 | Section. | ||||||
26 | (e) This Section is exempt from the provisions of Section
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1 | 250.
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2 | Section 99. Effective date. This Act takes effect upon | ||||||
3 | becoming law.".
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