IL HB4133

Amends the Illinois Income Tax Act to create a tax credit for donations to area vocational centers established under the School Code.

Provides a credit equal to 50% of the donation amount for taxable years beginning January 1, 2016 through December 31, 2020.

Credit applies against Illinois income tax liability and cannot reduce a taxpayer's liability below zero.

Excess credits that exceed annual tax liability may be carried forward and applied to the next 5 taxable years, with earlier year credits applied first.

Takes effect immediately upon becoming law.