IL SB1382

Extends the sunset date for the Illinois income tax credit for student-assistance contributions from December 30, 2020 to December 30, 2025.

Increases the maximum annual credit from $500 to $1,000 per contributing employee per taxable year for tax years ending on or after December 31, 2017.

Maintains the credit at 25% of matching contributions made by employers to College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund.

Allows unused credits to be carried forward up to 5 taxable years following the year the excess credit was generated.

Takes effect immediately upon becoming law.