INC TX-EDUCATION EXPENSE

Amends the Illinois Income Tax Act. Provides that the education expense credit shall be 50% of the qualified education expenses incurred by a custodian on behalf of a qualifying pupil. Provides that, for tax years ending on or after December 31, 2025, the education expense credit shall be no more than $2,000 per child for a maximum of $6,000 per family. Provides that no taxpayer may claim an education expense credit if the taxpayer's adjusted gross income exceeds 400% of the federal poverty level. Makes changes concerning the definition of "qualified education expense". Effective immediately.