HB1729 establishes the Reinvest in Future Technical Careers Act, providing tax credits for contributions to scholarship granting organizations that.
HB1729, the Reinvest in Future Technical Careers Act, creates a tax credit program for contributions to scholarship granting organizations that award scholarships to eligible students attending technical academies in Illinois. The Department of Revenue awards credits to taxpayers who contribute to these organizations. Contributions must be authorized by the Department, and organizations must comply with various requirements, including using at least 95% of contributions for scholarships and maintaining separate accounts for these funds.
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