IL SB3917

Creates a tax credit for qualified education expenses paid to eligible Illinois educational institutions, up to $5,000 per taxpayer per year for tax years ending December 31, 2012 through December 31, 2016

Eligible institutions include public or private universities, community colleges, vocational schools, and other postsecondary institutions physically located in Illinois and eligible to participate in federal student loan programs

Qualified education expenses include tuition, fees, and course-related books, supplies, and equipment required for enrollment or attendance

Unused credits can be carried forward up to 5 years following the year the excess occurs, but cannot be carried backward

Credits are applied to individual taxpayers and pass-through entities (partnerships, S-corporations, and LLCs) according to their distributive share of income