HB0345 Summary

• Reinstates the training expense credit under the Illinois Income Tax Act for tax years ending on or after December 31, 2015 and prior to December 31, 2025.

• Increases the credit rate from 1.6% to 2% of training expenses paid for educational or vocational training in technical or skilled fields for employees in Illinois or Illinois residents.

• Allows unused training expense credits earned on or after December 31, 2015 to be carried forward to subsequent tax years, with credits earned prior to December 31, 2003 not eligible for carryforward to years after December 31, 2015.

• Applies to individual taxpayers, corporations, partnerships, S-corporations, and limited liability companies, with special provisions for pass-through entities to allocate credits to partners and shareholders.

• Takes effect immediately upon becoming law.