IL HB0391

Creates an income tax credit for taxpayers employing engineering sector workers who hold a Bachelor's degree or higher from an accredited institution.

Provides a 10% tax credit on compensation paid to qualified employees for their first through fifth years of employment if they graduated from an Illinois institution.

Provides a 5% tax credit on compensation paid to qualified employees for their first through fifth years of employment if they graduated from a non-Illinois institution.

Allows excess credits to be carried forward and applied against tax liability in the following 5 taxable years or until fully used.

Applies to tax years ending on or after December 31, 2021, and takes effect immediately upon becoming law.