HB0834 Summary

• Creates a tax credit equal to 10% of stipend or salary paid to up to 5 qualified college interns or 5 qualified high school interns per taxable year for employers in Illinois.

• Limits total credits to a maximum of $5,000 per taxpayer across all taxable years combined.

• Defines "qualified college intern" as an Illinois institution student seeking a degree in a related field, with internship for academic credit, supervised by the taxpayer, and located in Illinois.

• Defines "qualified high school intern" as an Illinois high school student with internship for academic credit, supervised by the taxpayer, and located in Illinois.

• Credit cannot reduce tax liability below zero and excess credits cannot be carried forward, carried back, or refunded; effective immediately upon becoming law.