INVEST IN KIDS-REENACT

SB 261 reenacts and makes permanent Illinois' Invest in Kids Act, which provides tax credits to Illinois taxpayers who contribute to scholarship granting organizations (SGOs). The bill directly affects Illinois taxpayers who make qualified contributions to SGOs, allowing them to claim a tax credit equal to their contribution. These contributions fund scholarships for eligible students from households with incomes up to 300% of the federal poverty level (rising to 400% after receiving a scholarship), who attend qualified non-public schools in Illinois. The legislation amends the Illinois Income Tax Act to make these tax credit provisions permanent, replacing a temporary program set to expire in 2025.