SB 557

Abstract

Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2003, each taxpayer who is an elementary or secondary education teacher in Illinois and who takes a qualified continuing education course is entitled to an income tax credit in the amount of 5% of the amount spent by the taxpayer in the taxable year for the qualified continuing education course. Provides that the State Board of Education must promulgate rules governing who is eligible for the credit, what constitutes a qualified continuing education course, what expenses are includable, and any other necessary matters. Provides that the tax credit may not reduce the taxpayer's liability to less than zero but may be carried forward for 5 taxable years. Exempts the credit from the sunset provisions. Effective immediately.