SB1777 Summary: Opportunity Scholarship Act

• Establishes the Opportunity Scholarship Program allowing custodians of qualifying pupils in Cook County to receive scholarships for tuition at participating nonpublic elementary schools, with scholarship amounts based on state foundation level support or actual qualified education expenses, whichever is less.

• Defines qualifying pupils as Cook County residents enrolled in kindergarten through 11th grade in low-performing schools (lowest 10% in achievement) or overcrowded schools (70%+ low-income students, top 5% in overcrowding).

• Creates the Opportunity Scholarship Fund as a special state treasury fund to be used by the State Board of Education for the scholarship program, funded through private contributions.

• Excludes scholarship amounts from base income for Illinois income tax purposes, making received scholarships non-taxable to recipients.

• Provides a 100% tax credit (capped at $250,000 or 50% of prior year liability, whichever is greater) for taxpayers contributing to the Opportunity Scholarship Fund, with credits carryable forward up to 5 years.