Bill Text: IL SB3874 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: 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.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3874 Detail]

Download: Illinois-2019-SB3874-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3874 Introduced 2/14/2020, 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.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 232 as follows:
(35 ILCS 5/232 new)
Sec. 232. Retaining Illinois Students of Engineering
(RISE) credit.
(a) For tax years ending on or after December 31, 2020, a
taxpayer shall be allowed a credit against the tax imposed by
subsections (a) and (b) of Section 201 for compensation paid to
a qualified employee. 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.
(b) The credit or credits may not reduce the taxpayer's
liability to less than zero. If the amount of the credit or
credits exceeds the taxpayer's liability, the excess may be
carried forward and applied against the taxpayer's liability in
the following 5 taxable years or until the credit has been

SB3874 - 2 - LRB101 18626 HLH 68081 b
fully used, whichever occurs first.
(c) As used in this Section, "qualified employee" means an
employee working within the engineering sector who graduated
from an accredited institution of higher learning with a
Bachelor's degree or higher.
Section 99. Effective date. This Act takes effect upon
becoming law.