HB5613 Summary

• Removes a $10,000 annual deduction cap for contributions to College Savings Pool accounts and the Illinois Prepaid Tuition Trust Fund for taxable years beginning on or after January 1, 2025

• Allows taxpayers to deduct unlimited amounts contributed to qualified education savings accounts, removing the previous restriction that limited deductions to $10,000 per year for tax years 2005-2024

• Amends the Illinois Income Tax Act (35 ILCS 5/203) to modify the base income calculation for individuals

• Effective immediately upon passage, with the cap removal applicable starting in the 2025 tax year