IL SB2224

Extends the sunset date for the Illinois income tax credit for student-assistance contributions from December 30, 2021 to December 31, 2030

Doubles the maximum tax credit from $500 to $1,000 per contributing employee per taxable year, effective for taxable years ending on or after December 31, 2021

The credit equals 25% of employer matching contributions made to College Savings Pool Accounts or the Illinois Prepaid Tuition Trust Fund

Excess credits cannot be carried back but may be carried forward for up to 5 taxable years following the year the excess credit was generated