IL HB2973

Amends the Illinois Income Tax Act to create a student loan repayment income tax credit for taxable years beginning January 1, 2019.

Eligible taxpayers must hold an associate's, bachelor's, or graduate degree from a U.S. Department of Education-accredited institution and have annual student loan repayment expenses.

Requires eligible taxpayers to be employed full-time in Illinois or have an offer of full-time employment in science and technology fields including life sciences, computer technology, advanced mathematics, engineering, industrial design, or medical device technology.

Credit amounts are: $6,000 per year for master's degree or higher, $4,000 per year for bachelor's degree, and $1,000 per year for associate's degree.

Unused credits exceeding tax liability may be carried forward for up to 5 subsequent taxable years, with earlier credits applied first.