Bill > SB0072

This bill amends the Illinois Income Tax Act to create a new tax credit for parents or guardians who can claim a qualifying student as a dependent. The credit allows taxpayers to receive up to $2,000 for qualified tuition and fee expenses paid for a student attending a postsecondary educational institution in Illinois. To be eligible, the qualifying student must be an Illinois resident under 24 years old and enrolled full-time at a qualifying college or university. The credit can only be claimed by taxpayers with adjusted gross incomes below $250,000 for joint filers or $125,000 for individual filers. If the credit amount exceeds the taxpayer's tax liability for the year, the excess can be carried forward and applied to tax liability for the next five years. Qualified expenses include tuition, book fees, and lab fees at eligible public or private universities, community colleges, vocational schools, and other postsecondary institutions located in Illinois that participate in federal student loan programs. The bill is set to take effect for taxable years ending on or after December 31, 2025.