IL HB2425

Creates the Retaining Illinois Students of Engineering (RISE) income tax credit for taxpayers who employ qualified engineers, effective for tax years ending on or after December 31, 2023.

Provides a 10% credit on compensation paid to engineers who graduated from accredited Illinois engineering programs within the past 5 years, or a 5% credit for engineers who graduated from out-of-state programs.

Defines "qualified employee" as an individual employed as an engineer who earned a Bachelor's degree or higher from an accredited engineering program within 5 years before the taxable year.

Allows unused credits to be carried forward and applied against tax liability in the following 5 taxable years, but credits cannot reduce liability below zero.