IL SB3243

Removes the January 1, 2024 expiration date for the Invest in Kids tax credit, making it a permanent credit for taxpayers with awards from the Department under the Invest in Kids Act.

Amends the Illinois Income Tax Act Section 224 to allow the credit to apply for all taxable years beginning on or after January 1, 2018 without a sunset date.

Modifies the Invest in Kids Act Section 40 to make the 75% expenditure requirement for scholarship granting organizations permanent (previously applied only through 2022-2023 school year), eliminating the special 100% expenditure requirement for 2023-2024.

Amends Section 65 of the Invest in Kids Act to establish that the credit applies continuously from January 1, 2018 forward, including the period from January 1, 2024 through the effective date of this amendment.

Exempts both the income tax credit (Section 224) and the Invest in Kids Act from the provisions of Section 250 of the Illinois Income Tax Act, preventing automatic repeal.