IL HB5882

Extends the tax credit for student-assistance contributions from December 30, 2020 to December 30, 2025 for taxpayers making matching contributions to College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund.

Increases the maximum annual tax credit per contributing employee from $500 to $1,000, maintaining the 25% credit rate on matching contributions.

Allows partners, S-corporation shareholders, and LLC owners treated as partnerships to claim the credit based on their distributive share of income under federal tax code provisions.

Permits unused credits to be carried forward up to 5 taxable years following the year of excess, with earlier credits applied first against tax liabilities.

Requires taxpayers claiming the credit to maintain documentation of matching contributions as requested by the Illinois Student Assistance Commission, State Treasurer's Office, or Department of Revenue.