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IL HB4858
Bill
Status
Failed
1/7/2025
Primary Sponsor
Mark Walker
Click for details
AI Summary
- Establishes a new student loan repayment income tax credit for qualified taxpayers beginning in tax year 2024
- Credit equals the taxpayer's annual student loan repayment expenses, capped at $3,000 per taxpayer per year
- Qualified taxpayers must hold an associate degree, bachelor's degree, or graduate degree from a U.S. Department of Education-accredited institution and have annual student loan repayment expenses
- Excess credits that exceed tax liability may be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first
- Credit cannot reduce tax liability below zero
Legislative Description
INC TAX-STUDENT LOAN
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Rules4/5/2024
Revenue: Income Tax3/8/2024
Revenue & Finance2/28/2024
Rules2/7/2024
Full Bill Text
No bill text available