Illinois General Assembly - Full Text of HB0437
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Full Text of HB0437  102nd General Assembly

HB0437 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0437

 

Introduced 2/8/2021, by Rep. Mark L. Walker

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    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.


LRB102 02855 HLH 12864 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0437LRB102 02855 HLH 12864 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Student loan repayment credit.
8    (a) For taxable years beginning on or after January 1,
92021, a qualified taxpayer may apply to the Department for a
10credit against the tax imposed by subsections (a) and (b) of
11Section 201. The amount of the credit shall be equal to the
12taxpayer's student loan repayment expenses for the taxable
13year, but not to exceed the maximum credit amount set forth in
14subsection (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
23taxpayer's liability to less than zero. If the amount of the

 

 

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1credit exceeds the tax liability for the year, the excess may
2be carried forward and applied to the tax liability of the 5
3taxable years following the excess credit year. The tax credit
4shall be applied to the earliest year for which there is a tax
5liability. If there are credits for more than one year that are
6available to offset a liability, the earlier credit shall be
7applied first.
8    (c) As used in this Section, "qualified taxpayer" means a
9taxpayer who (i) has an Associate's degree, a Bachelor's
10degree, or a graduate degree from an institution of higher
11education accredited by the U.S. Department of Education; (ii)
12has annual student loan repayment expenses; and (iii) is
13employed full-time in the State, or has an offer of full-time
14employment in the State, in one or more of the following
15fields: life, natural, or environmental sciences; computer,
16information, or software technology; advanced mathematics or
17finance; engineering; industrial design or other commercially
18related design field; or medicine or medical device
19technology.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.