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Synopsis As Introduced Amends the Illinois Income Tax Act. Creates a credit for an individual taxpayer who is the principal provider of financial aid to an eligible student, other than the eligible student himself or herself, in an amount equal to 25% of the qualified education expenses paid by the taxpayer on behalf of that eligible student during the taxable year, but not to exceed $1,000 in any one taxable year. Provides that the term "eligible student" means a full-time or part-time student enrolled in an accredited institution of higher education in the State. Provides that a taxpayer is not eligible for the credit if the taxpayer's adjusted gross income exceeds $150,000. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
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