IL HB4700

Increases the maximum education expense credit from $750 to $1,000 for tax years ending on or after December 31, 2024.

The credit applies to taxpayers who are custodians of qualifying pupils (K-12 students under age 21) and covers tuition, book fees, and lab fees in excess of $250.

Credit is limited to 25% of qualified education expenses but cannot reduce tax liability below zero.

Maintains income limitations: credit unavailable if adjusted gross income exceeds $500,000 (joint filers) or $250,000 (other taxpayers).

Effective immediately upon enactment.