SB3618 Summary

• Increases the tax credit for qualified contributions to scholarship granting organizations from 75% to 100% of the total contribution amount, with a maximum credit of $1,000,000 per taxpayer.

• Expands eligible students to include children who are eligible to attend qualifying pre-kindergarten schools, in addition to public elementary and high schools.

• Removes restrictions on directing contributions to particular schools or subsets of schools; contributions from individuals or corporations may now be directed to specific schools but not to particular students or groups of students.

• Requires scholarship granting organizations to give re-applicant priority to eligible students who received scholarships in the previous school year, with applications considered received on the first day the organization begins granting scholarships.

• Makes the Invest in Kids Act permanent by removing the January 1, 2025 repeal date and exempting the Act from Section 250 of the Illinois Income Tax Act.