IL HB5124

Removes the January 1, 2023 expiration date for the Invest in Kids tax credit, making the credit permanent for taxpayers who receive awards from the Department.

Removes the January 1, 2024 expiration date for qualified contributions under the Invest in Kids Act, allowing taxpayers to claim credits for tax years beginning on or after January 1, 2018 without a sunset date.

Modifies scholarship granting organization requirements by removing time-limited spending rules and replacing them with a permanent requirement to expend at least 75% of qualified contributions annually with no more than 25% carried forward.

Exempts both the Invest in Kids credit and the Act itself from Section 250 of the Illinois Income Tax Act (sunset provision authority).

Takes effect immediately upon becoming law.