IL HB4329

Amends the Illinois Income Tax Act to create a tax credit equal to 10% of stipends or salaries paid to qualified interns during the taxable year.

Allows taxpayers to claim the credit for up to 5 qualified college interns or up to 5 qualified high school interns per year.

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

Defines "qualified college intern" as an enrolled Illinois higher education or vocational student seeking a degree in a related field, taking the internship for academic credit, supervised by the taxpayer, and working in Illinois.

Defines "qualified high school intern" as an enrolled Illinois high school student taking an internship for academic credit, supervised by the taxpayer, and working in Illinois; credit is exempt from the automatic sunset provision and takes effect immediately.