IL SB2477

Creates the Retaining Illinois Students of Engineering (RISE) income tax credit for employers hiring engineering graduates, effective for tax years ending December 31, 2021 and later.

Provides a 10% tax credit on compensation paid to qualified employees who graduated from Illinois institutions, or a 5% credit for those who graduated from out-of-state institutions.

Credit applies to the first through fifth years of employment in the engineering sector for employees with a Bachelor's degree or higher from an accredited institution.

Excess credits that exceed tax liability may be carried forward and applied against future tax liability for up to 5 following taxable years.

Qualified employee defined as an engineering sector worker holding a Bachelor's degree or higher from an accredited institution of higher learning.