Illinois HB4974 establishes the Educational Choice for Illinois Children Act, allowing the state to participate in a federal tax credit for.
Illinois HB4974, the Educational Choice for Illinois Children Act, amends the School Code to enable the state's participation in a federal tax credit for individuals contributing to scholarship granting organizations. The bill also tasks the State Board of Education with certifying and submitting a list of these organizations to the U.S. Secretary of the Treasury. Additionally, it amends the Illinois Income Tax Act to create deductions for qualified tips, overtime, and vehicle loan interest, and allows distributions from the College Savings Pool for certain school expenses.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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