HB4307 Summary

• Establishes the Invest in Illinois Higher Education Program administered by the State Treasurer to award scholarships for access to higher education.

• Creates the Invest in Illinois Higher Education Fund as a special fund in the state treasury to receive donations, gifts, grants, and appropriations for scholarship purposes.

• Defines eligible students as those whose household federal adjusted gross income does not exceed 300% of federal poverty level initially, and 400% once receiving a scholarship; scholarships limited to tuition and necessary fees at Illinois community colleges or public universities.

• Provides an income tax credit equal to donations made to the Invest in Illinois Higher Education Fund for taxable years ending December 31, 2022 and later, with excess credits carried forward up to 5 years.

• Becomes effective immediately upon enactment.