IL SB0072

Creates a new Illinois income tax credit of up to $2,000 for taxpayers who pay qualified tuition, book fees, and lab fees for a dependent student at an Illinois college, university, community college, or vocational school

Qualifying students must be Illinois residents, under age 24 at the close of the school year, and enrolled full-time at an eligible postsecondary institution located in Illinois

Restricts eligibility to taxpayers with adjusted gross income of $250,000 or less for joint filers, or $125,000 or less for all other taxpayers

Excess credits that cannot be used in the current tax year may be carried forward and applied to tax liability for up to 5 subsequent years

Applies to taxable years ending on or after December 31, 2025, and takes effect immediately upon becoming law