Illinois Legislative Session: Music Industry Tax Breaks and Charitable Giving in Spotlight
Illinois Lawmakers Mull Music Industry Relief and Charitable Tax Credits in Session’s Final Stretch
As Illinois lawmakers meet again for the final part of their session they’re focusing on two big things, the state’s money plan and possible tax breaks. In a recent meeting State Sen. Sara Feigenholtz talked about helping the music industry with a special tax break because it’s been hit hard by the pandemic. She hopes a new bill, Senate Bill 3395 will encourage more live music and music lessons by giving credits to music companies and creating a scholarship program, according to the report of The Center Square.
They’re also talking about another idea called the Illinois Gives Act in Senate Bill 172. This would give people a 25% discount on their taxes if they donate to local community groups. Feigenholtz says this is important now because some changes at the national level have made it tougher for these groups to get money.
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Another idea on the table is Senate Bill 3273 which wants to let people take a tax deduction if they donate money to help pay off student loans for employees of community groups. This could be a big help for folks struggling with student debt. But there’s also worry about a tax break that used to help kids go to private schools. It’s called the Invest in Kids tax credit and it’s not been talked about this year.
One person worried about this is Darnell Starks who has grandkids benefiting from this program. He’s not sure what will happen next because there’s been no talk about bringing it back. Starks and others are hoping for the best but feeling uneasy without a plan in place.
With the clock ticking, lawmakers have until May 31st to decide on these ideas and pass a budget. The decisions they make will affect many people and groups across Illinois so it’s a big deal for everyone involved.