IL SB2776

Creates a new Illinois income tax credit for donations made to educational improvement organizations for aviation, effective for taxable years beginning on or after January 1, 2027

Credit amount equals the donation amount used to provide scholarships for prospective pilots, airline and aerospace mechanics, and other aviation and aerospace professionals in Illinois-based programs

Caps total credits awarded by the Department of Commerce and Economic Opportunity at $5,000,000 per calendar year

Educational improvement organizations for aviation must apply to and be approved by the Department of Commerce and Economic Opportunity to accept qualifying donations

Excess credits may be carried forward for up to 10 taxable years, but cannot reduce tax liability below zero