IL HB5353

Increases the tax credit for qualified contributions under the Invest in Kids Act from 75% to 100% of the contribution amount.

Raises the per-taxpayer credit cap from $1,000,000 to $1,333,333 annually.

Increases the aggregate statewide credit cap from $75,000,000 to $100,000,000 per calendar year, with automatic 20% increases if the cap is reached in at least 2 of the previous 3 years.

Makes the tax credit permanent by removing the January 1, 2025 expiration date and exempting the program from Illinois Income Tax Act Section 250 provisions.

Repeals Section 995 of the Invest in Kids Act and takes effect immediately upon enactment.