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IL HB3094

Bill

Official Source

Status

Introduced

2/15/2019

Primary Sponsor

John Connor

Click for details

Origin

House of Representatives

101st General Assembly

AI Summary

  • Creates a tax credit for Illinois taxpayers who make payments toward principal or interest on qualified education loans as defined in Section 221 of the Internal Revenue Code, effective for taxable years beginning January 1, 2019 and later
  • Credits equal the amount paid during the taxable year, with a maximum annual limit of $500 per taxpayer
  • Excess credits that exceed tax liability may be carried forward and applied to tax liability for up to 5 subsequent taxable years, with earlier credits applied first
  • Credit cannot reduce tax liability below zero
  • Takes effect immediately upon becoming law

Legislative Description

INC TX-STUDENT LOAN CREDIT

Last Action

Rule 19(a) / Re-referred to Rules Committee

3/29/2019

Committee Referrals

Rules3/29/2019
Income Tax3/14/2019
Revenue & Finance3/5/2019
Rules2/15/2019

Full Bill Text

No bill text available