(The Center Sqquare) – As legislators return for the final weeks of session, the budget will be top of mind, but there may also be more tax credits to consider.
At a recent Senate Revenue Committee, a tax credit for the music industry was discussed. State Sen. Sara Feignholtz, D-Chicago, said it’s needed, especially after the pandemic.
“This sort of sector of musicians really suffered and is still lagging in their recovery,” she told the Senate Revenue Committee. “So I’m hoping that this tax credit bill is going to incentivize more live music, music education.”
Senate Bill 3395 would award credits to qualified music companies and create the Music Education Scholarship Act.
Another proposed measure is the Illinois Gives Act found in Senate Bill 172, which would give a 25% tax credit on charitable contributions to a community foundation. Feigenholtz said changes at the federal level make this proposed state credit important.
“I think that a lot of these foundations and not for profits need the lifeline,” she said.
Another measure being considered is Senate Bill 3273, which would allow a state income tax deduction for donations to community foundations that pay for employees’ student loan debt.
However, one expired credit that still lingers is the Invest in Kids tax credit. There’s been no public discussion so far this year about restarting the 75% income tax credit for private donations to school choice scholarships. Grandparent to two recipients, Darnell Starks is concerned.
“It brings some anxiety because we just don’t know what the future holds and we’ve heard no backup plan,” Starks told The Center Square. “We are people of faith and so we’re just praying that God makes a way somehow, but right now, we don’t know how that will happen.”
Legislators return Tuesday and are scheduled to adjourn session May 24, though they have contingency days through the end of next month. They must pass a budget with simple majorities by May 31.
