Bill Title: Amends the Illinois Income Tax Act. Provides that a taxpayer who has incurred at least $20,000 in undergraduate student loan debt and has at least $5,000 in outstanding undergraduate student loan debt at the time of the application is entitled to a credit as awarded by the Department of Revenue. Provides that Department of Revenue that the amount of the credit shall not exceed $ 5,000 per taxpayer. Provides that the total amount of credits approved by the Department of Revenue under the provisions of the amendatory Act may not exceed $5,000,000 in any taxable year. Contains recapture provisions. Effective immediately.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2019-08-07 - Added Co-Sponsor Rep. Lindsey LaPointe [HB3407 Detail]

Text: Latest bill text (Introduced) [HTML]

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