IL HB3300

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

Credit equals 50% of the donation amount and applies to taxable years beginning January 1, 2017 through December 31, 2021.

Credit is applied against income tax liability under Section 201 of the Illinois Income Tax Act and cannot reduce tax liability below zero.

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

Act takes effect immediately upon becoming law.