IL SB3874

Amends the Illinois Income Tax Act to create the Retaining Illinois Students of Engineering (RISE) credit for tax years ending on or after December 31, 2020.

Allows taxpayers a credit equal to 10% of compensation paid to qualified employees who graduated from Illinois institutions or 5% for those who graduated from out-of-state institutions, for the first through fifth years of engineering sector employment.

Defines "qualified employee" as someone working in the engineering sector with a Bachelor's degree or higher from an accredited institution of higher learning.

Excess credits that exceed tax liability may be carried forward and applied against future tax liability for up to 5 taxable years or until fully used.

Effective immediately upon enactment.