IL HB4996

Increases the maximum education expense credit from $750 to $1,500 for tax years ending on or after December 31, 2024.

The credit applies to custodians of qualifying pupils (ages under 21) for qualified education expenses exceeding $250 at eligible kindergarten through twelfth grade schools.

Credit equals 25% of qualified education expenses but cannot exceed the specified annual maximums ($500 prior to 2017, $750 from 2017-2024, $1,500 from 2024 forward).

Subject to income limits: $500,000 for joint filers and $250,000 for other taxpayers (for taxable years beginning on or after January 1, 2017).

Takes effect immediately upon enactment.