SB1792 Summary

• Allows taxpayers to claim a credit up to $2,000 against Illinois income tax for qualified tuition and fee expenses paid on behalf of dependent students starting in taxable year 2021.

• Defines qualifying students as Illinois residents under age 24 who are full-time students enrolled at eligible public or private colleges, community colleges, vocational schools, or postsecondary institutions within the state.

• Limits qualified expenses to tuition, book fees, and lab fees at the qualifying institution.

• Restricts the credit to taxpayers with adjusted gross income not exceeding $250,000 for joint filers or $125,000 for all other filers.

• Allows unused credits to carry forward and be applied against tax liability in the following 5 taxable years, with earlier credits applied first.