IL SB2053

Qualified teachers receive an income tax credit equal to 50% of tuition costs incurred at Illinois public universities, applicable to taxable years ending on or after December 31, 2021.

Teachers may claim no more than 20% of their aggregate credit amount in any single taxable year.

"Qualified teacher" is defined as an individual who graduated from an Illinois public university, is currently employed as a teacher in Illinois, and has worked as a teacher in the state for at least 5 consecutive years as of the first day of the taxable year.

Excess credits that exceed tax liability may be carried forward and applied to tax liability for the following 5 taxable years, with earlier credits applied first.

The credit is exempt from Section 250 provisions and takes effect immediately upon becoming law.