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IL SB2963
Bill
Status
Introduced
1/27/2026
Primary Sponsor
Meg Loughran Cappel
Click for details
AI Summary
- Creates an Illinois income tax deduction for employees who receive educational assistance payments from their employer, such as student loan repayment benefits
- Creates a corresponding income tax deduction for employers who make educational assistance payments on behalf of their employees
- Limits both deductions to a maximum of $5,250 per individual per year
- Amends the Illinois Income Tax Act (35 ILCS 5/203) to add these provisions
- Takes effect immediately upon becoming law
Legislative Description
INC TX-STUDENT LOAN REPAYMENT
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/3/2026
Assignments1/27/2026
Full Bill Text
No bill text available