Illinois House Bill 4194

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on October 24 2023 - 25% progression
Action: 2023-10-25 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

INVEST IN KIDS-CONTRIBUTIONS

Rep. Angelica Guerrero-Cuellar [D]

Rep. Elizabeth Hernandez [D]

Rep. Kelly Burke [D]

Rep. Martin Moylan [D]

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

Chapter	Article	Section	Citation Type	Statute Text
35	40	10	Amended Code	Citation Text
35	40	40	Amended Code	Citation Text
35	40	5	Amended Code	Citation Text
35	40	65	Amended Code	Citation Text
35	5	224	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4194&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB4194.htm