Illinois General Assembly - Full Text of SB2477
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Full Text of SB2477  102nd General Assembly

SB2477 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2477

 

Introduced 2/26/2021, by Sen. Ram Villivalam

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who employ individuals working within the engineering sector who graduated from an accredited institution of higher learning with a Bachelor's degree or higher. Provides that the credit shall be equal to 10% of the compensation paid for the first through fifth years of employment in the engineering sector if the qualified employee graduated from an institution located in Illinois or 5% of the compensation paid for the first through fifth years of employment in the engineering sector if the qualified employee graduated from an institution not located in Illinois. Effective immediately.


LRB102 16009 HLH 21380 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2477LRB102 16009 HLH 21380 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. Retaining Illinois Students of Engineering
8(RISE) credit.
9    (a) For tax years ending on or after December 31, 2021, a
10taxpayer shall be allowed a credit against the tax imposed by
11subsections (a) and (b) of Section 201 for compensation paid
12to a qualified employee. The credit shall be equal to 10% of
13the compensation paid for the first through fifth years of
14employment in the engineering sector if the qualified employee
15graduated from an institution located in Illinois or 5% of the
16compensation paid for the first through fifth years of
17employment in the engineering sector if the qualified employee
18graduated from an institution not located in Illinois.
19    (b) The credit or credits may not reduce the taxpayer's
20liability to less than zero. If the amount of the credit or
21credits exceeds the taxpayer's liability, the excess may be
22carried forward and applied against the taxpayer's liability
23in the following 5 taxable years or until the credit has been

 

 

SB2477- 2 -LRB102 16009 HLH 21380 b

1fully used, whichever occurs first.
2    (c) As used in this Section, "qualified employee" means an
3employee working within the engineering sector who graduated
4from an accredited institution of higher learning with a
5Bachelor's degree or higher.
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.