Bill Status of HB0437 102nd General Assembly
Short Description: INC TAX-STUDENT LOAN
Rep. Mark L. Walker and Rita Mayfield
|Revenue & Finance Committee Hearing Jan 20 2022 9:00AM www.ilga.gov Virtual Room 2 Springfield, IL ** Canceled ** |
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that a taxpayer who (i) has an associate's degree, a bachelor's degree, or a graduate degree from an institution of higher education accredited by the U.S. Department of Education, (ii) has annual student loan repayment expenses, and (iii) is employed full-time in the State, or has an offer of full-time employment in the State, in one or more of the specified science and technology fields 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.