IL SB3429

Increases the Illinois State earned income tax credit from 18% of the federal credit to 19% for tax years 2022-2023, and to 20% for tax years beginning January 1, 2023 and thereafter.

Expands eligibility for the State earned income tax credit by allowing individuals ages 18-24 without qualifying children to claim the credit, waiving the federal requirement to be age 25 or older.

Allows taxpayers using an individual tax identification number (ITIN) instead of a Social Security number to claim the State earned income tax credit beginning January 1, 2022.

Requires employers to include information about the State earned income tax credit in W-2 statements beginning January 1, 2021, alongside existing federal earned income tax credit information.

Requires institutions of higher learning to notify students between January 1 and February 15 annually about the availability of both federal and State earned income tax credits, and authorizes the Department of Revenue to publish standardized notice language.