HB5801 Summary

• Reinstates the training expense credit for Illinois income tax purposes for tax years ending on or after December 31, 2012 and on or before December 30, 2022.

• Increases the training expense credit rate from 1.6% to 2% of qualified training expenses for the reinstated period (2012-2022).

• Allows training expense credits earned on or after December 31, 2012 to be carried forward to subsequent tax years, enabling taxpayers to use unused credits over time.

• Credit applies to educational and vocational training in semi-technical, technical, semi-skilled, or skilled fields for employees working in Illinois or Illinois residents employed outside the state.

• Effective immediately upon becoming law.