Illinois House Republicans have introduced legislation aimed at giving the state?s residents a break on college costs.
Under one bill, families with household incomes of less than $150,000 could qualify for a tax credit of up to $1,000 to help cover costs at an Illinois accredited school. The credit would not be available to people who already receive assistance through the state?s monetary award program.
Another bill would expand the tax deduction for families saving for a college education that is now limited to contributions to a College Savings Pool account or the Illinois Prepaid Tuition Trust Fund. The bill would expand the deduction to 529 programs operated by private-sector financial institutions.
The General Assembly is scheduled to return to Springfield next week for a special session on pensions.
However, it is not scheduled to take up additional measures until the fall veto session.
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