HB3012 Summary

• Creates the Illinois Education Excellence Fund as a special state fund to accept charitable contributions for public education purposes, including early childhood education, elementary and secondary education, higher education, adult education, and teachers' employment benefits.

• Establishes a state income tax credit equal to 100% of contributions made by individual taxpayers to the Illinois Education Excellence Fund for taxable years ending after December 31, 2019 and before January 1, 2028.

• Allows excess tax credits to be carried forward and applied to tax liability for the 5 taxable years following the excess credit year, with credits applied to earliest year first.

• Authorizes county boards to establish county treasury funds to accept taxpayer contributions for public purposes and provide property tax credits equal to the contribution amount for taxable years 2019 through 2026.

• Requires the State Treasurer to adopt administrative rules for the fund, including certifying contributions within 45 days of receipt so taxpayers can claim the income tax credit.