IL HB1853

Establishes the Invest in Illinois Higher Education Program, administered by the State Treasurer, to provide scholarships for students attending community colleges or public universities in Illinois

Creates the Invest in Illinois Higher Education Fund as a special fund in the State treasury to receive donations, gifts, grants, and appropriations for scholarship awards

Eligible students must have household income at or below 300% of federal poverty guidelines when first receiving a scholarship, with the threshold increasing to 400% for subsequent years of scholarship receipt

Provides a dollar-for-dollar Illinois income tax credit for donations made to the Invest in Illinois Higher Education Fund, effective for taxable years ending on or after December 31, 2025

Unused tax credits may be carried forward for up to 5 years but cannot be carried back or reduce tax liability below zero