IL HB1989

Creates a new Illinois income tax credit for fees paid or cash contributions made to public schools in Illinois, effective for taxable years beginning on or after January 1, 2022

Credit covers specific purposes including: standardized college testing, career and technical program assessments, test preparation materials, CPR training, extracurricular activities (band uniforms, athletic equipment, lab materials, school competition trips), character education, school meals, student health supplies, and playground equipment

Maximum credit is $200 for single filers or heads of household, and $400 for married couples filing jointly; spouses filing separately may each claim half

Excess credits may be carried forward for up to 5 taxable years if the credit exceeds the taxpayer's liability in a given year

Public schools must report annually to the State Board of Education by February 28 the number of qualifying payments received, total dollar amounts, and how funds were spent by category