IL SB1583

Creates a 10% income tax credit for taxpayers who pay stipends or salaries to up to 5 qualified college interns or up to 5 qualified high school interns during the taxable year.

Limits total credits claimed by any taxpayer to $5,000 across all taxable years combined.

Defines "qualified college intern" as a student enrolled at an Illinois institution of higher education or vocational-technical program taking the internship for academic credit, supervised by the taxpayer, with work related to their field of study.

Defines "qualified high school intern" as a student enrolled in an Illinois high school taking the internship for academic credit, supervised by the taxpayer, with the position located in Illinois.

Credit cannot reduce tax liability below zero and excess credits cannot be carried forward, carried back, or refunded; credit is exempt from automatic sunset provisions and effective immediately for taxable years ending on or after December 31, 2023.