IL HB0227

Creates an Illinois income tax credit equal to 10% of stipends or salaries paid to qualified interns, covering up to 5 college interns or 5 high school interns per taxable year

Caps the total credit at $5,000 per taxpayer across all taxable years combined

Defines qualified college interns as students at Illinois higher education institutions or vocational programs whose internship relates to their field of study and is taken for academic credit

Defines qualified high school interns as Illinois high school students whose internship is for academic credit, supervised by the taxpayer, and located in Illinois

Effective for taxable years ending on or after December 31, 2019; excess credits cannot be carried forward, carried back, or refunded