IL HB2467

Increases the maximum education expense credit for qualified families from $500 to $1,000 per family under the Illinois Income Tax Act.

Credit applies to 25% of qualified education expenses (tuition, book fees, and lab fees) exceeding $250 per qualifying pupil enrolled in kindergarten through twelfth grade.

Qualifying pupils must be Illinois residents under age 21 during the school year for which the credit is claimed and enrolled full-time in any public or nonpublic school complying with Title VI of the Civil Rights Act of 1964.

Credit cannot reduce a taxpayer's liability below zero and is exempt from Section 250 provisions of the Illinois Income Tax Act.