IL SB1145

Creates a college tuition expense tax credit for taxable years beginning January 1, 2023 through December 31, 2027 for taxpayers with qualifying students as dependents or self-qualifying students under age 24.

Credit amount is limited to the lesser of actual qualified tuition and fee expenses or a maximum based on federal adjusted gross income: $1,000 (6-7 times federal poverty level), $750 (7-9 times poverty level), or $500 (9-11 times poverty level).

Restricts eligibility to taxpayers with federal adjusted gross income between 6 and 11 times the federal poverty level; those below or above these thresholds cannot claim the credit.

Requires taxpayers to apply through the Board of Higher Education, which issues a certificate of tax credit that must be attached to the Illinois income tax return and presented to the Department of Revenue.

Defines qualifying students as state residents under age 24 enrolled full-time at public universities in Illinois eligible for federal student loan programs; qualified expenses include tuition, book fees, and lab fees.