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IL SB2003
Bill
Status
Introduced
2/6/2025
Primary Sponsor
Meg Loughran Cappel
Click for details
AI Summary
- Creates an Illinois income tax deduction for employees who receive educational assistance from their employer as part of a qualified educational assistance program under IRC Section 127
- Creates a corresponding income tax deduction for employers (individuals, corporations, trusts, estates, and partnerships) who pay educational assistance on behalf of their employees
- Limits both deductions to the first $5,250 of educational assistance furnished to any individual per taxable year
- Applies to taxable years beginning on or after January 1, 2026
- Exempts these deductions from the sunset provisions of Section 250 of the Illinois Income Tax Act
Legislative Description
INC TX-STUDENT LOAN REPAYMENT
Last Action
Rule 3-9(a) / Re-referred to Assignments
6/2/2025
Committee Referrals
Assignments6/2/2025
Revenue2/25/2025
Assignments2/6/2025
Full Bill Text
No bill text available