IL SB1512

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

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

Credit applies to employers who make matching contributions to a College Savings Pool Account or Illinois Prepaid Tuition Trust Fund matching employee contributions in the same taxable year.

Credit amount equals 25% of the matching contribution, capped at the per-employee limits, and may be carried forward up to 5 taxable years if it exceeds current year tax liability.

Takes effect immediately upon becoming law.