HB3430 Summary

• Removes the January 1, 2024 sunset date from the Invest in Kids Act tax credit, making the credit permanent for taxpayers who receive awards from the Department.

• Extends eligibility for the Illinois Income Tax Act Section 224 credit to all taxable years beginning on or after January 1, 2018, eliminating the previous expiration on January 1, 2024.

• Modifies Section 40 of the Invest in Kids Act to remove time-limited provisions from the 2023-2024 school year, allowing the 75% expenditure requirement to apply continuously.

• Makes Section 65 of the Invest in Kids Act exempt from Section 250 of the Illinois Income Tax Act and removes language that would have repealed the Act on January 1, 2025.

• Takes effect immediately upon becoming law.