As legislators consider tax credits, Invest in Kids recipients linger
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 [April 26, 2024]
By Greg Bishop | The Center Square
(The Center Sqquare) – As legislators return for the final weeks of
session, the budget will be top of mind, but there may also be more tax
credits to consider.
At a recent Senate Revenue Committee, a tax credit for the music
industry was discussed. State Sen. Sara Feignholtz, D-Chicago, said it’s
needed, especially after the pandemic.
“This sort of sector of musicians really suffered and is still lagging
in their recovery,” she told the Senate Revenue Committee. “So I’m
hoping that this tax credit bill is going to incentivize more live
music, music education.”
Senate Bill 3395 would award credits to qualified music companies and
create the Music Education Scholarship Act.
Another proposed measure is the Illinois Gives Act found in Senate Bill
172, which would give a 25% tax credit on charitable contributions to a
community foundation. Feigenholtz said changes at the federal level make
this proposed state credit important.
“I think that a lot of these foundations and not for profits need the
lifeline,” she said.
Another measure being considered is Senate Bill 3273, which would allow
a state income tax deduction for donations to community foundations that
pay for employees’ student loan debt.
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The Illinois Senate Revenue Committee
BlueRoomStream
However, one expired credit that still lingers is the Invest in Kids tax
credit. There’s been no public discussion so far this year about
restarting the 75% income tax credit for private donations to school
choice scholarships. Grandparent to two recipients, Darnell Starks is
concerned.
“It brings some anxiety because we just don’t know what the future holds
and we’ve heard no backup plan,” Starks told The Center Square. “We are
people of faith and so we’re just praying that God makes a way somehow,
but right now, we don’t know how that will happen.”
Legislators return Tuesday and are scheduled to adjourn session May 24,
though they have contingency days through the end of next month. They
must pass a budget with simple majorities by May 31. |
