HB5614 - Students in Need Scholarship Act

• Creates tax credit for taxpayers who contribute to scholarship granting organizations that provide scholarships to eligible low-income and special needs students attending non-public schools in Illinois.

• Eligible students include those from households at or below 200% of federal poverty line, students with individualized education programs or Section 504 plans, or siblings of eligible students.

• Scholarship granting organizations must be 501(c)(3) nonprofits that use at least 95% of contributions for scholarships and maintain separate accounts for scholarship funds; Department of Revenue approves organizations and issues contribution authorization certificates.

• Scholarships capped at lesser of statewide average public school per-student operational expense or school's necessary costs and fees; students with household income below 185% of poverty line receive 100% scholarships, those at 185-200% receive 75% scholarships.

• Tax credit applies to tax years beginning January 1, 2024; excess credits may be carried forward 5 years; Department and State Board of Education must implement oversight, reporting, and academic assessment requirements for scholarship recipients.