Richard P. Myers
- Republican
Primary
Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers for expenditures by the taxpayer during the taxable year for the purpose of paying accrued higher education debt incurred by a person employed by the taxpayer during at least 10 months of the taxable year. The amount of the credit is up to 20% of the employee's accrued higher education debt during the first year, 30% during the second year, and 50% during the third year, but not to exceed an aggregate of $10,000 per employee. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Exempt from the Act's sunset provisions. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Revenue & Finance Committee
Added Co-Sponsor Rep. Michael P. McAuliffe
Added Co-Sponsor Rep. Jerry L. Mitchell
Added Co-Sponsor Rep. Mike Fortner
Added Co-Sponsor Rep. Jil Tracy
Added Co-Sponsor Rep. Bob Biggins
Added Co-Sponsor Rep. Timothy L. Schmitz
Added Co-Sponsor Rep. Sandra M. Pihos
Added Co-Sponsor Rep. Kay Hatcher
Added Co-Sponsor Rep. Rich Brauer
Added Co-Sponsor Rep. Michael G. Connelly
Added Co-Sponsor Rep. Randy Ramey, Jr.
Removed Co-Sponsor Rep. Mike Bost
Added Chief Co-Sponsor Rep. Kay Hatcher
Removed Co-Sponsor Rep. Mike Fortner
Removed Co-Sponsor Rep. Kay Hatcher
Removed Co-Sponsor Rep. Michael G. Connelly
Added Chief Co-Sponsor Rep. Michael G. Connelly
Added Chief Co-Sponsor Rep. Mike Bost
Added Chief Co-Sponsor Rep. Mike Fortner
Added Co-Sponsor Rep. Elizabeth Coulson
Added Co-Sponsor Rep. Mark H. Beaubien, Jr.
Added Co-Sponsor Rep. Mike Bost
Added Co-Sponsor Rep. Michael W. Tryon
Filed with the Clerk by Rep. Richard P. Myers
Referred to Rules Committee
First Reading
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