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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:
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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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| | SB3874 | | LRB101 18626 HLH 68081 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 232 as follows:
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| 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, 2020, a |
| 10 | | taxpayer shall be allowed a credit against the tax imposed by |
| 11 | | subsections (a) and (b) of Section 201 for compensation paid to |
| 12 | | a qualified employee. The credit shall be equal to 10% of the |
| 13 | | compensation paid for the first through fifth years of |
| 14 | | employment in the engineering sector if the qualified employee |
| 15 | | graduated from an institution located in Illinois or 5% of the |
| 16 | | compensation paid for the first through fifth years of |
| 17 | | employment in the engineering sector if the qualified employee |
| 18 | | graduated from an institution not located in Illinois. |
| 19 | | (b) The credit or credits may not reduce the taxpayer's
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| 20 | | liability to less than zero. If the amount of the credit or |
| 21 | | credits exceeds the taxpayer's liability, the excess may be |
| 22 | | carried forward and applied against the taxpayer's liability in |
| 23 | | the following 5 taxable years or until the credit has been |