SB0072

Illinois SB0072 introduces a tax credit of up to $2,000 for qualified tuition and fee expenses for qualifying students.

Illinois SB0072 amends the Illinois Income Tax Act to allow a tax credit of up to $2,000 for qualified tuition and fee expenses paid by a taxpayer on behalf of a qualifying student. A qualifying student must be a resident of the state and under the age of 24. The credit can be applied to the taxpayer's tax liability for the year, and any excess can be carried over to the following five years. The credit is not available to taxpayers with an adjusted gross income exceeding $250,000 for joint filers or $125,000 for all other taxpayers. The bill takes effect immediately upon becoming law.