(35 ILCS 40/10)
(Section scheduled to be repealed on January 1, 2024)
(a) The Department shall award credits against the tax imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act to taxpayers who make qualified contributions. For contributions made under this Act, the credit shall be equal to 75% of the total amount of
qualified contributions made by the taxpayer during a taxable year, not to exceed a credit of $1,000,000 per taxpayer.
(b) The aggregate amount of all credits the Department may award under this Act in any calendar year may not exceed $75,000,000.
(c) Contributions made by corporations (including Subchapter S corporations), partnerships, and trusts under this Act may not be directed to a particular subset of schools, a particular school, a particular group of students, or a particular student.
Contributions made by individuals under this Act may be directed to a particular subset of schools or a particular school but may not be directed to a particular group of students or a particular student.
(d) No credit shall be taken under this Act for any qualified contribution for which the taxpayer claims a federal income tax deduction.
(e) Credits shall be awarded in a manner, as determined by the Department, that is geographically proportionate to enrollment in recognized non-public schools in Illinois. If the cap on the aggregate credits that may be awarded by the Department is not reached by June 1 of a given year, the Department shall award remaining credits on a first-come, first-served basis, without regard to the limitation of this subsection.
(Source: P.A. 100-465, eff. 8-31-17.)