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IL HB1257
Bill
Status
1/7/2025
Primary Sponsor
Joe Sosnowski
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AI Summary
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Amends the Invest in Kids Act to increase the tax credit for qualified contributions to scholarship granting organizations from 75% to 100% of the contribution amount for taxable years beginning on or after January 1, 2023
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Maintains the existing $1,000,000 maximum credit cap per taxpayer
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Preserves the $75,000,000 annual aggregate cap on total credits the Department may award statewide
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Retains restrictions preventing corporations, partnerships, and trusts from directing contributions to specific schools or students, while individuals may direct contributions to specific schools but not specific students
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Takes effect immediately upon becoming law
Legislative Description
INVEST IN KIDS-CREDIT AMOUNT
Last Action
Session Sine Die
1/7/2025