HB0318 Summary

• Creates the Illinois Education Excellence Fund as a special state fund to accept charitable contributions for exclusively 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, 2021 and before January 1, 2030.

• Allows excess tax credits that exceed annual tax liability to be carried forward and applied to tax liability for the following 5 taxable years, with earlier credits applied first.

• Permits county boards to establish county funds accepting contributions for exclusively public purposes and provide property tax credits to taxpayers equal to their contribution amounts for taxable years 2021 through 2028.

• Requires the State Treasurer to adopt rules for administering the state fund and certifying contributions within 45 days of receipt, with copies provided to taxpayers and the Department of Revenue.