HB1173

Illinois HB1173 increases the tax credit for instructional materials and supplies to $1,000 for taxable years starting January 1, 2025.

Illinois HB1173 amends the Illinois Income Tax Act to increase the maximum credit for instructional materials and supplies to $1,000 for taxable years beginning on or after January 1, 2025. This credit applies to amounts paid for instructional materials or supplies designated for classroom use in qualified schools. The credit cannot be carried back or reduce the taxpayer's liability to less than zero. Any excess credit can be carried forward and applied to tax liability for up to five taxable years. The credit applies to the earliest year for which there is a tax liability.