IL HB2155

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

Increases the maximum credit limit from $500 to $1,000 per contributing employee per taxable year for tax years ending on or after December 31, 2019.

Credit remains equal to 25% of matching contributions made by employers to specified College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund that match employee contributions.

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

Takes effect immediately upon becoming law.