HB5081 - Investing in Tomorrow's Workforce Act

• Creates a 100% income tax credit for taxpayers making qualified contributions to scholarship granting organizations, capped at $1,000,000 per taxpayer and $75,000,000 total per calendar year.

• Scholarships fund eligible low-income students (up to 300-400% of federal poverty level) to attend approved technical academies offering career and technical education (CTE) programs in Illinois.

• Scholarship granting organizations must be 501(c)(3) nonprofits using at least 95% of contributions for scholarships and maintaining separate accounts for funds; Department of Revenue must approve organizations before they issue tax credit certificates.

• Scholarship amounts vary based on student household income: 100% of determined amount for under 185% of poverty level, 75% for 185-250%, and 50% for 250%+ of poverty level.

• Establishes annual reporting requirements, independent academic assessments for scholarship recipients, and geographic distribution requirements for tax credits.