IL SB2282

Creates the Retaining Illinois Students of Engineering (RISE) tax credit under the Illinois Income Tax Act, effective for tax years ending on or after December 31, 2023.

Provides a tax credit of 10% of compensation paid to qualified employees who graduated from engineering programs at accredited Illinois institutions or 5% for those who graduated from out-of-state institutions.

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

Allows excess credits to be carried forward and applied against tax liability for up to 5 following taxable years if the credit exceeds current year liability.