SB1647

Illinois SB1647 allows a tax credit for eligible preschool expenses up to $1,500 per child.

Illinois SB1647 amends the Illinois Income Tax Act to create a tax credit for eligible preschool expenses. A taxpayer who is the custodian of one or more children attending an eligible preschool program in the state during the taxable year can claim a credit equal to 100% of the eligible expenses incurred, up to $1,500 per child. Eligible expenses include tuition, fees, and necessary school supplies. If the credit exceeds the tax liability, the excess may be refunded to the taxpayer. The credit is not applicable if it reduces the taxpayer's liability to less than zero.