IL HB4463

Amends the Illinois Income Tax Act to increase the maximum tax credit for instructional materials and supplies purchased by qualified school employees.

Raises the maximum credit amount from $500 to $5,000 for taxable years beginning on or after January 1, 2024.

Applies to teachers, instructors, counselors, principals, or aides who work at least 900 hours during a school year at a qualified Illinois public or non-public school.

Allows unused credits to be carried forward for up to 5 taxable years following the year the excess credit is generated.

Takes effect immediately upon enactment.