Illinois SB2776 creates a tax credit for donations to aviation education programs.
Illinois SB2776 amends the Illinois Income Tax Act to allow taxpayers to claim a credit for donations to educational improvement organizations for aviation. These organizations must apply to the Department of Commerce and Economic Opportunity for eligibility. The credit amount cannot exceed the donation used for scholarships for prospective pilots, airline and aerospace mechanics, and other aviation and aerospace professionals. The Department of Commerce and Economic Opportunity may award no more than $5,000,000 in credits annually.
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