IL HB4046

Creates an income tax credit for individual teachers employed in Illinois public or nonpublic elementary and secondary schools for taxable years ending on or after December 31, 2015.

Credit amount equals 50% of eligible classroom expenses, with a maximum credit of $500 per taxpayer per year.

Defines eligible classroom expenses as nonreimbursed classroom expenses minus $250 deductible threshold.

Credit cannot be carried forward or back to other tax years and cannot reduce tax liability below zero.

Requires schools to comply with Title VI of the Civil Rights Act of 1964 and satisfy attendance requirements under Section 26-1 of the School Code.