Bill > HB2649

This bill reenacts and makes permanent the Invest in Kids Act, which provides a tax credit for individuals and businesses that donate to scholarship-granting organizations supporting students attending non-public schools in Illinois. The bill extends the tax credit program through tax years beginning on or after January 1, 2025, after previously being set to expire on January 1, 2024. The program allows taxpayers to receive a tax credit equal to 75% of their qualified contributions to scholarship granting organizations, with an annual statewide cap of $75 million. Scholarships are awarded to eligible students based on household income, with priority given to students who previously received scholarships. Eligible students must be from households with income not exceeding 400% of the federal poverty level and must be eligible to attend an Illinois public school. The scholarship amount varies based on the student's household income, ranging from 50% to 100% of the statewide average operational expense per public school student. The bill also requires participating schools to administer standardized assessments and report student performance, and includes provisions for oversight and reporting by the State Board of Education and the Department of Revenue. By reenacting the law, the bill validates all previous actions taken under the Invest in Kids Act and ensures its continued effectiveness.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2649&GAID=18&DocTypeID=HB&SessionID=114&GA=104