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

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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

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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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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
adding Section 242 as follows:
(35 ILCS 5/242 new)
Sec. 242. Early childhood education credit.
(a) For taxable years beginning on or after January 1,
2025, a taxpayer who is the custodian of one or more children
who attend an eligible preschool program in the State during
the taxable year shall be allowed a credit against the tax
imposed by subsections (a) and (b) of Section 201 in an amount
equal to 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
in any taxable year.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be refunded to the taxpayer.
(c) As used in this Section:
"Custodian" means an Illinois resident who is the parent
or legal guardian of a child who is 3 to 5 years of age during

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the taxable year.
"Eligible expenses" means tuition, fees, and necessary
school supplies associated with attendance at an eligible
preschool, but does not include any expenses for which the
taxpayer claims a deduction against the taxpayer's federal
income taxes for the same taxable year.
"Eligible preschool" means a preschool educational program
for children ages 3 to 5 that is operated by a public school
district or other entity that is eligible to conduct a
preschool educational program and that employs at least one
teacher who holds a Professional Educator License with an
early childhood education endorsement.
(d) This Section is exempt from the provisions of Section
250.