SB2856

Illinois SB2856 introduces a tax credit for individuals who volunteer 100 hours for charitable, religious, or educational entities without.

Illinois SB2856 amends the Illinois Income Tax Act to create a tax credit for individuals who volunteer 100 hours for charitable, religious, or educational entities without compensation. The credit is $500 per eligible individual, with a cap of $5,000,000 in credits awarded annually. The credit cannot reduce a taxpayer's liability below zero. Entities must notify the Department of Revenue of eligible volunteers by January 24 each year. The Department will implement the credit through emergency rules, which are deemed necessary for public interest.