IL SB1471

Establishes the "Invest in Illinois' Future Tax Credit" providing a $500 refundable income tax credit for eligible students for tax years 2019-2024.

Defines "eligible student" as a person enrolled full-time at any accredited 4-year college or university in Illinois, excluding community college students.

Allows the taxpayer claiming an eligible student as a dependent to claim the credit, with only one taxpayer permitted per student.

Permits the excess credit amount to be refunded to the taxpayer if the credit exceeds the taxpayer's tax liability for the year.

Becomes effective immediately upon enactment.