IL HB3252

Amends the Illinois Income Tax Act to extend the sunset date for the credit for student-assistance contributions from December 30, 2020 to December 31, 2030.

Allows taxpayers who make matching contributions to a College Savings Pool Account or Illinois Prepaid Tuition Trust Fund to claim a tax credit equal to 25% of the matching contribution, not to exceed $500 per contributing employee per taxable year.

Permits partners, S-corporation shareholders, and limited liability company owners to claim the credit in accordance with their distributive share of income under federal tax code sections.

Allows excess credits that exceed annual tax liability to be carried forward and applied to the 5 taxable years following the excess credit year.

Takes effect immediately upon becoming law.