IL HB2498

Creates the Retaining Illinois Students of Engineering (RISE) income tax credit for qualified professional design firms that hire recent graduates working as architects, architectural associates, structural engineers, structural engineer interns, design professionals, or engineer interns

Provides a 10% tax credit on qualified compensation paid to employees who graduated from Illinois accredited institutions of higher learning, and a 5% credit for those who graduated from out-of-state institutions

Limits the credit to $50,000 per qualified professional design firm per taxable year, applying to taxable years beginning on or after January 1, 2021

Requires eligible employees to have graduated with a Bachelor's degree within 2 years immediately preceding the year the credit is taken

Mandates annual reporting to the Governor and General Assembly beginning July 1, 2023, including recipient business locations, estimated credit value, and number of new jobs created