Date	Chamber	Action
10/25/2023	House	Referred to Rules Committee

Statutes Amended In Order of Appearance

35 ILCS 40/5

35 ILCS 40/10

35 ILCS 40/40

35 ILCS 40/65

35 ILCS 5/224

Synopsis As Introduced
Amends the Invest in Kids Act. Provides that a taxpayer may take a credit under the Act for tax years ending before January 1, 2029 (currently January 1, 2024). Provides that, beginning in calendar year 2024, the aggregate amount of credits the Department of Revenue may award under the Act in any calendar year may not exceed $50,000,000 (currently, $75,000,000). Provides that contributions under the Act may be directed to students whose permanent address is located in an underserved area but may not be directed to a particular student. Provides that, for taxable years beginning on or after January 1, 2024, the amount of the credit under the Act shall be 100% of the first $5,000 in contributions made by the taxpayer during the taxable year, plus (i) 55% of the portion of the qualified contributions made by the taxpayer that exceeds the first $5,000 and is not directed to students whose permanent address is located in an underserved area and (ii) 65% of the of the portion of the qualified contributions made by the taxpayer that exceeds the first $5,000 and is directed to students whose permanent address is located in an underserved area. Effective immediately.

Actions 

Date	Chamber	Action
10/24/2023	House	Filed with the Clerk by Rep. Angelica Guerrero-Cuellar
10/24/2023	House	Added Chief Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
10/24/2023	House	Added Chief Co-Sponsor Rep. Kelly M. Burke
10/25/2023	House	Added Co-Sponsor Rep. Martin J. Moylan
10/25/2023	House	First Reading
10/25/2023	House	Referred to Rules Committee

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