Peoria Standard

Illinois House Republican Leader Ryan Spain is advocating for a significant increase in the state's education expense tax credit to alleviate the financial strain on families, particularly in light of rising costs associated with education. Spain emphasized the challenges faced by families due to high inflation, stating, “Family budgets have been decimated over the past several years as high inflation has forced many families to tighten their belts.”

Spain highlighted the financial burden parents face when it comes to educating their children, especially for families with multiple kids. He pointed out, “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.”

Drawing attention to the stagnant nature of the current education expense credit, Spain emphasized the need for an adjustment to reflect the current economic climate. He stated, “Despite the inflation of the past several years, the current education expense credit has been stagnant since 2017.” Spain proposed doubling the credit to provide relief to families grappling with escalating education expenses. He believes that by increasing the credit, families can better manage the rising costs and alleviate the financial pressure on parents striving to provide their children with essential resources for academic success.

In response to these concerns, Spain has introduced House Bill 4996, which aims to double the education expense tax credit from $750 to $1,500 per year, effective for tax year 2024 and beyond. This adjustment is specifically designed to support middle-class and working families, ensuring that they can access the necessary financial assistance for their children's education within the existing income cap parameters.

The proposed legislation seeks to address the financial challenges faced by families in Illinois, particularly in covering expenses such as tuition, books, and lab fees at K-12 schools. Spain's initiative underscores the importance of easing the financial burden on families and enhancing access to educational resources for students across the state.