Bill > SB0261

This bill reenacts the Invest in Kids Act and makes it permanent by extending the tax credit program for private school scholarships. Specifically, the bill allows taxpayers to continue receiving a 75% tax credit for donations to scholarship granting organizations that provide tuition assistance to students from low-income families to attend qualified non-public schools in Illinois. The bill extends the tax credit for contributions made in tax years beginning on or after January 1, 2025, after previously being set to expire. The annual statewide cap on tax credits remains $75 million, with individual taxpayers limited to a maximum credit of $1 million. Scholarship granting organizations must use at least 95% of contributions for scholarships and prioritize students who received scholarships in previous years, students from households with lower incomes, students in focus districts, and siblings of current scholarship recipients. Eligible students must be from households with income not exceeding 400% of the federal poverty level and be eligible to attend an Illinois public school. The bill also includes provisions for tracking student performance, maintaining scholarship program accountability, and ensuring compliance with various administrative requirements.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=261&GAID=18&DocTypeID=SB&SessionID=114&GA=104