HB2524 Summary

• Adds new income tax modification for employees of public universities in Illinois, effective for taxable years ending on or after December 31, 2015.

• Requires employees to add back to taxable income any tuition waivers, grants, or scholarships awarded by their public university employer to themselves or family members (child, spouse, parent, or other family member) based on their employment.

• Modification only applies when the waiver, grant, or scholarship is actually used by the recipient in that taxable year and is not already included in adjusted gross income.

• Directs 100% of revenue generated from this income tax modification to be deposited into the Monetary Award Program Reserve Fund to support student financial aid programs.

• Effective immediately upon becoming law.