The state of Illinois has introduced new laws expanding tax credits for residents. Low to middle-income individuals will benefit from the new initiatives from the department of revenue known as The Illinois Earned Income Tax Credit (EITC), The Illinois Child Tax Credit (CTC), and The Education Expense Credit (EEC).
The Illinois Child Tax Credit will benefit families who qualify for the EITC and have at least one child under the age of twelve years old so long as this child is a dependent. This credit accounts for 20% of the total EITC. This will be increased to 40% in the 2025 tax year.
The Education Expense Credit will allow parents or guardians of students under the age of 21 to claim education expenses between $250 - $750 on their taxes. For traditionally schooled children, these expenses include textbooks, tuition, and lab fees paid to the school. For homeschooled students, textbook and lab fees are qualifying expenses. Families will receive a 25% credit for these payments if their student is enrolled in a full-time K-12 program.
David Harris, Illinois Department of Revenue Director, urges Illinois residents to “double check their eligibility status and take advantage of these benefits when filing their returns this year.”
Kayley Horton, Tutoring Coordinator
kayley@testprepchicago.com
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