102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 2/22/2021, by Rep. Blaine Wilhour
SYNOPSIS AS INTRODUCED:
35 ILCS 40/5
35 ILCS 40/7.5 new
35 ILCS 40/10
35 ILCS 40/40
35 ILCS 40/45
35 ILCS 40/65 rep.
35 ILCS 40/995 rep.
Amends the Invest in Kids Act. Provides that the amount of the credit
shall be 100% (currently, 75%) of the total amount of qualified
contributions made by the taxpayer during the taxable year. Provides that
the annual aggregate credit cap shall be $100,000,000 per calendar year
(currently, $75,000,000). Provides that the individual credit cap shall be
$1,333,333 per taxpayer (currently, $1,000,000). Removes a limitation that
prevent contributions from being directed to a particular subset of
schools or a particular school. Provides that, in granting scholarships,
first priority shall be given to eligible students who received a
scholarship from a scholarship granting organization during the previous
school year. Contains provisions concerning technical academies.
A BILL FOR
|HB3411||LRB102 14219 HLH 19571 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Invest in Kids Act is amended by
changing Sections 5, 10, 40, and 45 and by adding Section 7.5
(35 ILCS 40/5)
(Section scheduled to be repealed on January 1, 2024)
As used in this Act:
"Authorized contribution" means the contribution amount
that is listed on the contribution authorization certificate
issued to the taxpayer.
"Board" means the State Board of Education.
"Contribution" means a donation made by the taxpayer
during the taxable year for providing scholarships as provided
in this Act.
"Custodian" means, with respect to eligible students, an
Illinois resident who is a parent or legal guardian of the
eligible student or students.
"Department" means the Department of Revenue.
"Eligible student" means a child who:
(1) is a member of a household whose federal adjusted
gross income the year before he or she