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IL HB4756

Bill

Official Source

Status

Failed

1/8/2019

Primary Sponsor

Deborah Conroy

Click for details

Origin

House of Representatives

100th General Assembly

AI Summary

  • Extends the sunset date of the Illinois income tax credit for student-assistance contributions from December 30, 2020 to December 30, 2025
  • Increases the maximum credit amount from $500 to $1,000 per contributing employee per taxable year for years ending on or after December 31, 2018
  • Allows the credit for taxpayers who make matching contributions to a College Savings Pool Account or Illinois Prepaid Tuition Trust Fund equal to an employee's contribution in the same year
  • Credit amount equals 25% of the matching contribution, subject to the annual per-employee cap
  • Effective immediately upon becoming law

Legislative Description

INC TX-STUDENT ASSISTANCE

Last Action

Session Sine Die

1/8/2019

Committee Referrals

Rules4/13/2018
Income Tax4/12/2018
Revenue & Finance3/21/2018
Rules2/13/2018

Full Bill Text

No bill text available