TEACHER BENEFITS

Amends the Illinois Income Tax Act. Provides that each qualified teacher is entitled to an income tax credit in an aggregate amount equal to 100% of the minimum federal student loan payments required and made by a qualified teacher in each taxable year. Defines "qualified teacher" as an individual who (i) is employed as a public school teacher on or after December 31, 2022, (ii) is a full-time public school teacher during the taxable year in which he or she claims the credit, and (iii) provides specified documentation. Amends the General Provisions, Illinois Municipal Retirement Fund (IMRF), State Universities, and Downstate Teacher Articles of the Illinois Pension Code. With regard to Tier 2 members under the Downstate Teacher or State Universities Article and Tier 2 regular employees who are employees of an educational employer: makes changes to the age and service credit requirements for receiving an annuity; increases the amount of the automatic annual increases to retirement annuities; makes changes to the formula for calculating final average salary; and increases the limitation on the amount of salary that is used to calculate benefits. Provides that a person may receive optional credit for certain periods of service as a student teacher. Amends the School Code. Provides that each school district shall, from funds appropriated by the General Assembly, provide a salary to a student teacher employed by the district for certain school years. Makes other changes. Amends the Illinois Educational Labor Relations Act. Adds student teachers to a provision that excludes certain individuals from the definition of "student". Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.