IL SB2800

Extends the Illinois income tax credit for student-assistance contributions by 10 years, changing the sunset date from December 30, 2020 to December 31, 2030

Doubles the maximum tax credit from $500 to $1,000 per contributing employee per taxable year, effective for taxable years ending on or after December 31, 2020

Credit equals 25% of employer matching contributions made to employee College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund

Excess credits cannot be carried back but may be carried forward for up to 5 taxable years following the year the excess credit was generated

Amends Section 218 of the Illinois Income Tax Act and takes effect immediately upon becoming law