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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB2916 Introduced 2/16/2023, by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Provides that a taxpayer who (i) has an associate degree, a bachelor's degree, or a graduate degree from an institution of higher education accredited by the U.S. Department of Education and (ii) has annual student loan repayment expenses is eligible for an income tax credit equal to the taxpayer's student loan repayment expenses for the taxable year, but not to exceed a maximum credit limit. Effective immediately.
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| | A BILL FOR |
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| | HB2916 | | LRB103 25779 HLH 57455 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 234 as follows: |
6 | | (35 ILCS 5/234 new) |
7 | | Sec. 234. Student loan repayment credit. |
8 | | (a) For taxable years beginning on or after January 1, |
9 | | 2023, a qualified taxpayer may apply to the Department for a |
10 | | credit against the tax imposed by subsections (a) and (b) of |
11 | | Section 201. The amount of the credit shall be equal to the |
12 | | taxpayer's student loan repayment expenses for the taxable |
13 | | year, but not to exceed the maximum credit amount set forth in |
14 | | subsection (b). |
15 | | (b) The maximum credit amount shall be: |
16 | | (1) $6,000 per taxable year for a taxpayer with a |
17 | | master's degree or higher; |
18 | | (2) $4,000 per taxable year for a taxpayer with a |
19 | | bachelor's degree; or |
20 | | (3) $1,000 per taxable year for a taxpayer with an |
21 | | associate's degree. |
22 | | In no event shall a credit under this Section reduce the |
23 | | taxpayer's liability to less than zero. If the amount of the |