HB5614: STUDENTS IN NEED SCHOLARSHIP

Legislative Summary

Creates the Students in Need Scholarship Act. Provides that the Department of Revenue shall award income tax credits to taxpayers who make authorized contributions to scholarship granting organizations. Sets forth limitations with respect to the aggregate number of credits awarded by the Department in a calendar year and the amount of credits awarded to an individual taxpayer. Sets forth provisions concerning scholarship granting organizations and requirements for scholarship granting organizations. Specifies which students are eligible for a scholarship. Provides for reporting. Sets forth further provisions concerning administering the scholarship program created by the Act. Amends the Illinois Income Tax Act to make a conforming change. Effective immediately.