HB 2388

Abstract

Amends the Illinois Income Tax Act. Provides that a taxpayer who has incurred at least $20,000 in undergraduate student loan debt and has at least $5,000 in outstanding undergraduate student loan debt at the time of the application is entitled to a credit as awarded by the Department of Revenue. Provides that Department of Revenue that the amount of the credit shall not exceed $ 5,000 per taxpayer. Provides that the total amount of credits approved by the Department of Revenue under the provisions of the amendatory Act may not exceed $5,000,000 in any taxable year. Contains recapture provisions. Effective immediately.