INC TX-EDUCATION CREDIT

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to any qualified education expenses paid by the taxpayer to an eligible educational institution during the taxable year, but not to exceed $5,000 per taxpayer in any taxable year. Provides that the term "eligible educational institution" means any public or private university, community college, vocational school, or other postsecondary educational institution that is physically located in the State and is eligible to participate in a student loan program administered by the United States Department of Education. Provides that the term "qualified education expenses" means tuition and fees required for enrollment or attendance at an eligible educational institution, as well as expenses for course-related books, supplies, and equipment if those expenses are incurred as part of the student's course of study. Effective immediately.