HB1803

Illinois HB1803 creates a tax credit for employers who hire engineers who graduated from Illinois or out-of-state engineering programs.

HB1803 amends the Illinois Income Tax Act to introduce a new tax credit called the Retaining Illinois Students of Engineering (RISE) credit. This credit applies to employers who hire qualified employees who graduated from an engineering program at an accredited institution of higher learning. The credit is 10% of the compensation paid to employees who graduated from an Illinois institution, or 5% for those from out-of-state institutions. The credit cannot reduce a taxpayer's liability below zero and any excess can be carried forward for up to five years.