“As a father of two sons, 8- and 11-years-old, I’m very concerned about the rising cost of tuition for Illinois families. This legislation is a start to offset the cost of college tuition for families desperately trying to pay for their kids to go to college.” – State Senator Dan Kotowski
SPRINGFIELD, IL – Parents sending their son or daughter to college would see some much-needed financial relief under legislation passed last week by State Senator Dan Kotowski (D-Park Ridge) and the Illinois Senate. House Bill 5342 would create the Higher Education Expenses Tax Credit to help families and individuals pay for a portion of undergraduate tuition expenses through a state income tax credit.
“As a father of two sons, 8- and 11-years-old, I’m very concerned about the rising cost of tuition for Illinois families,” Senator Kotowski said. “This legislation is a start to offset the cost of tuition for families desperately trying to pay for their kids to go to college.”
Under the measure, families and individuals will receive a tax credit for eligible undergraduate college expenses at qualified Illinois institutions up to $250. Expenses include tuition, fees, and course related expenses.
“It’s getting to a point where if you’re exceedingly wealthy, you can pay for college; but if you have no resources and you’re someone that’s working hard and playing by the rules, you can’t afford to send your kids to school,” Kotowski added.
The legislation also closes a loophole that currently allows big oil companies to avoid paying Illinois income tax by separately incorporating oil derricks in places like the Gulf of Mexico. According to the Department of Revenue, this action will generate an additional $75 million, which will be put towards education funding and tax relief.