HB 4974

Specifies that the amendatory Act may be referred to as the Educational Choice for Illinois Children Act. Amends the School Code. Provides that the General Assembly elects, on behalf of the State, to: (1) participate in the federal tax credit established under the federal One Big Beautiful Bill Act for individuals who make qualified contributions to scholarship granting organizations; and (2) identify scholarship granting organizations located in this State. Authorizes and empowers the State Board of Education to certify and submit a list of qualifying scholarship granting organizations to the Secretary of the Treasury of the United States in accordance with the federal One Big Beautiful Bill Act and its associated regulations. Amends the Illinois Income Tax Act. Provides that provisions concerning a pass-through entity tax apply until January 1, 2030. Creates income tax deductions for qualified tips, overtime, and qualified vehicle loan interest. Creates an income tax deduction for qualified senior citizens. Provides that distributions from the College Savings Pool may be used for certain elementary and secondary school expenses. Makes changes concerning the bonus depreciation deduction under Section 168(k) of the Internal Revenue Code.