With the deadline to file 2023 income tax returns just around the corner, Deputy Illinois House Republican Leader Ryan Spain is calling for action to help families by doubling the state’s education expense tax credit.
“Family budgets have been decimated over the past several years as high inflation has forced many families to tighten their belts,” said Spain. “One area families can’t cut back on though, is the costs to send their kids to school. Especially for families with multiple kids, the costs can quickly add up to thousands of dollars a year.”
Research by the National Retail Federation shows that education expenses have soared for families over the past several years, with expected costs for just school supplies rising to $890 per child in 2023.
“Despite the inflation of the past several years, the current education expense credit has been stagnant since 2017,” Spain continued. “By doubling the credit, we can help families offset the rising costs they have faced and reduce the burden parents feel every day to ensure their kids have the best resources available to succeed at school.”
As Spain noted, the state’s education expense credit, which includes expenses for tuition, books and lab fees at any public or private K-12 school, has been held at $750 per year since 2017. Spain has filed legislation, House Bill 4996, to double the credit to $1,500 per year effective for tax year 2024 and future years. The $1,500 credit is specifically meant to help middle-class and working families by maintaining the current income cap of $500,000 for joint tax filers or $250,000 for single filers.