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IL SB0340
Bill
AI Summary
- Extends the Illinois income tax credit for student-assistance contributions through December 31, 2024 (previously set to expire December 30, 2021)
- Allows taxpayers to claim a credit equal to 25% of matching contributions made to College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund, up to $500 per contributing employee per year
- Permits partners, S-corporation shareholders, and LLC owners to claim the credit based on their distributive share of income under federal tax code provisions
- Allows excess credits to be carried forward and applied against tax liability in the 5 following taxable years, with earlier credits applied first
- Requires taxpayers to maintain documentation of matching contributions as required by the Illinois Student Assistance Commission, State Treasurer, or Department of Revenue
Legislative Description
INC TX-STUDENT ASSISTANCE
Last Action
Public Act . . . . . . . . . 102-0289
8/6/2021
Committee Referrals
Revenue & Finance5/4/2021
Rules4/27/2021
Revenue3/3/2021
Assignments2/19/2021
Full Bill Text
No bill text available