IL SB2259

Creates a new college tuition expense credit for taxpayers with adjusted gross income of $200,000 or less who are college or university students or claim qualifying students as dependents.

Credit amounts vary by income level: $1,000 maximum per student for incomes under $75,000; $750 for incomes $75,000-$149,999; and $500 for incomes $150,000-$200,000.

Qualifying students must be Illinois residents under age 24, enrolled full-time at eligible postsecondary institutions located in Illinois that participate in federal student loan programs.

Eligible expenses include tuition, book fees, and lab fees paid during the taxable year on behalf of qualifying students.

Credit cannot reduce tax liability below zero and is exempt from the general sunset provisions of Section 250 of the Illinois Income Tax Act.