summary
Introduced
01/27/2021
01/27/2021
In Committee
03/27/2021
03/27/2021
Crossed Over
Passed
Dead
04/08/2022
04/08/2022
Introduced Session
102nd General Assembly
Bill Summary
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the contributions made by the taxpayer to the Illinois Education Excellence Fund during the taxable year. Amends the State Finance Act. Creates the Illinois Education Excellence Fund. Provides that moneys in the Fund shall be used for public education purposes. Amends the Counties Code. Provides that the county board may establish a fund in the county treasury to accept contributions for public purposes. Provides that the county may provide for a credit against the taxpayer's property tax liability in an amount equal to the amount of the contribution. Effective immediately.
AI Summary
This bill creates an income tax credit for Illinois taxpayers who contribute to the newly established Illinois Education Excellence Fund. The fund will be used to support public education purposes, including early childhood education, K-12 education, higher education, adult education, and teachers' employment benefits. The bill also allows counties to establish a fund to accept contributions for public purposes and provide a property tax credit to the taxpayers for the amount of their contribution. The bill takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/27/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=318&GAID=16&DocTypeID=HB&SessionID=110&GA=102 |
| BillText | http://www.ilga.gov/legislation/102/HB/10200HB0318.htm |
| Bill | http://www.ilga.gov/legislation/102/HB/PDF/10200HB0318.pdf |
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