HB 4179

Abstract

Amends the Illinois Income Tax Act. Authorizes an income tax credit in an amount equal to 10% of stipends or salaries paid to qualified college interns. Limits the credit to stipends and salaries paid to 5 interns each year, and limits total credits to $3,000 for all years combined. Defines "qualified college intern". Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried forward or back. Provides that the credit is exempt from the Act's sunset provisions. Effective immediately.