HB 4522
INC Tx-student loan repayment
INC TX-Student Loan Repayment
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
Amends the Illinois Income Tax Act. Creates an income tax deduction for any amounts paid by the taxpayer's employer on behalf of the taxpayer as part of an educational assistance program. Creates an income tax deduction for any amounts paid by the taxpayer on behalf of an employee of the taxpayer as part of an educational assistance program. Provides that the deductions are limited to the first $5,250 of such assistance so furnished to any individual. Effective immediately.
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