IL SB0210

Allows taxpayers to claim a tax credit up to $2,000 for qualified tuition and fee expenses paid on behalf of dependent students for taxable years ending on or after December 31, 2023.

Defines a qualifying student as a state resident under age 24 at the close of the school year who is enrolled full-time at a qualifying college, university, community college, or vocational school in Illinois.

Limits qualified expenses to tuition, book fees, and lab fees at the qualifying educational institution.

Restricts eligibility based on adjusted gross income: $250,000 for joint filers or $125,000 for all other taxpayers.

Allows excess credits exceeding tax liability to be carried forward and applied to tax liability for up to 5 following taxable years, with earlier credits applied first.