IL SB2528

Renames Section 229 of the Illinois Income Tax Act to Section 231 and expands the definition of "qualifying apprentice" to include individuals hired through the United States Department of Defense SkillBridge internship program.

Provides a tax credit of $3,500 per qualifying apprentice participating in the SkillBridge program, compared to a credit equal to 100% of qualified education expenses (capped at $3,500) for other apprentices.

Allows employers an additional $1,500 credit if the apprentice resides in an underserved area or if the employer's principal place of business is located in an underserved area as defined by the Economic Development for a Growing Economy Tax Credit Act.

Caps total tax credits available statewide at $5,000,000 per calendar year, with credits awarded on a first-come first-served basis based on application submission date and time.

Applies to taxable years beginning January 1, 2020 through January 1, 2025, with implementation and certification administered by the Department of Commerce and Economic Opportunity.