INC TX-CREDIT-COLLEGE EXPENSE Senate SponsorsSen. Arthur J. Wilhelmi 1/9/2007SenateSession Sine Die 35 ILCS 5/216 newAmends the Illinois Income Tax Act. Creates the College Affordability Tax Credit in an amount equal to 5% of amounts spent during the taxable year for the tuition and fees of the taxpayer and any dependent of the taxpayer engaged in full-time or part-time undergraduate studies at any public or private college, university, community college, or degree granting proprietary institution located in Illinois. Provides that the taxpayer shall provide supporting documentation to receive the credit. Provides that the credit may not reduce the taxpayer's income tax liability to less than zero. Applicable to tax years ending on or after December 31, 2005. Sunsets the credit after 10 years. Effective immediately. 2/15/2005SenateFiled with Secretary by Sen. Arthur J. Wilhelmi 2/15/2005SenateFirst Reading 2/15/2005SenateReferred to Rules 2/17/2005SenateAssigned to Higher Education 3/3/2005SenatePostponed - Higher Education 3/10/2005SenatePostponed - Higher Education 3/17/2005SenateHeld in Higher Education 3/18/2005SenateRule 3-9(a) / Re-referred to Rules 1/9/2007SenateSession Sine Die