IL SB3704

Creates the Job Creation Through Educational Opportunity Program to reimburse education-related expenses for Illinois residents who earn an associate or bachelor's degree from accredited state institutions and subsequently live, work, and pay taxes in Illinois.

Establishes a "principal cap" limiting student loan principal eligible for tax credits, based on in-state tuition and mandatory fees at either the state community college system or state university system depending on degree type.

Allows program participants to claim an Educational Opportunity Tax Credit against Illinois income tax for student loan payments, with credits capped at a "benchmark loan payment" calculated using federal Stafford loan rates and terms.

Requires participants to sign an Opportunity Contract specifying loan details, agreeing to maintain residence in Illinois while claiming the credit, and prohibiting accelerated loan repayment or certain refinancing that would forfeit tax credit eligibility.

Permits employers to make student loan payments on behalf of qualified employees and claim tax credits for those payments, with part-time employees limited to half the maximum credit amount available to full-time employees.