IL HB0437

Amends the Illinois Income Tax Act to create a new income tax credit for qualified taxpayers with student loan repayment expenses, effective for taxable years beginning January 1, 2021.

Establishes maximum annual credit amounts based on education level: $6,000 for master's degree or higher, $4,000 for bachelor's degree, or $1,000 for associate's degree.

Requires qualified taxpayers to have a degree from a U.S. Department of Education-accredited institution and be employed full-time (or have a full-time job offer) in Illinois in specified science and technology fields.

Allows unused credits to be carried forward and applied to tax liability in the next 5 taxable years, with earlier credits applied first, but credits cannot reduce tax liability below zero.

Specified eligible fields include life, natural, or environmental sciences; computer, information, or software technology; advanced mathematics or finance; engineering; industrial design; and medicine or medical device technology.