IL SB2833

Creates a $500 tax credit for individuals who volunteer 100 hours during the taxable year for charitable, religious, or educational organizations without receiving compensation.

Credit applies to taxable years beginning January 1, 2024 through December 31, 2028 and is available only to volunteers not employed on a full-time or part-time career basis by the organization.

Department of Revenue shall award credits on a first-come, first-served basis with an annual cap of $5,000,000 in total credits across all eligible applicants.

Tax credit cannot reduce a taxpayer's liability below zero, and qualified organizations must notify the Department of eligible volunteers by January 24 each year.

Authorizes the Department of Revenue to adopt emergency rules for implementation, with this emergency rulemaking authority repealing one year after the law's effective date.