Bill Text: IL SB2717 | 2023-2024 | 103rd General Assembly | Introduced


Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are the custodians of one or more children who attend an eligible preschool program in the State during the taxable year. Provides that the amount of the credit shall be 100% of the eligible expenses incurred by the taxpayer during the taxable year in sending the child to the eligible preschool program, but not to exceed $1,500 per child. Effective immediately.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced) 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments [SB2717 Detail]

Download: Illinois-2023-SB2717-Introduced.html

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2717

Introduced 1/10/2024, by Sen. Sue Rezin

SYNOPSIS AS INTRODUCED:
35 ILCS 5/242 new

Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who are the custodians of one or more children who attend an eligible preschool program in the State during the taxable year. Provides that the amount of the credit shall be 100% of the eligible expenses incurred by the taxpayer during the taxable year in sending the child to the eligible preschool program, but not to exceed $1,500 per child. Effective immediately.
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A BILL FOR

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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5adding Section 242 as follows:
6 (35 ILCS 5/242 new)
7 Sec. 242. Early childhood education credit.
8 (a) For taxable years beginning on or after January 1,
92025, a taxpayer who is the custodian of one or more children
10who attend an eligible preschool program in the State during
11the taxable year shall be allowed a credit against the tax
12imposed by subsections (a) and (b) of Section 201 in an amount
13equal to 100% of the eligible expenses incurred by the
14taxpayer during the taxable year in sending the child to the
15eligible preschool program, but not to exceed $1,500 per child
16in any taxable year.
17 (b) In no event shall a credit under this Section reduce
18the taxpayer's liability to less than zero. If the amount of
19the credit exceeds the tax liability for the year, the excess
20may be refunded to the taxpayer.
21 (c) As used in this Section:
22 "Custodian" means an Illinois resident who is the parent
23or legal guardian of a child who is 3 to 5 years of age during

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1the taxable year.
2 "Eligible expenses" means tuition, fees, and necessary
3school supplies associated with attendance at an eligible
4preschool, but does not include any expenses for which the
5taxpayer claims a deduction against the taxpayer's federal
6income taxes for the same taxable year.
7 "Eligible preschool" means a preschool educational program
8for children ages 3 to 5 that is operated by a public school
9district or other entity that is eligible to conduct a
10preschool educational program and that employs at least one
11teacher who holds a Professional Educator License with an
12early childhood education endorsement.
13 (d) This Section is exempt from the provisions of Section
14250.
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