State Tax Credit Proposal of Illinois Lawmakers
Targeted Support for Families
According to Effingham Radio, Lawmakers in Springfield, Illinois, are talking about two ideas to help parents with childcare costs. Illinois lawmakers first idea is to give parents a tax credit from the state which means they pay less in taxes. This tax credit would be 25% of the federal childcare tax credit for each child under 13. It’s meant to help families with the money they spend on child care.
READ ALSO: 4.3% to $3,213 of Average Tax Refunds – Where Will Your $3,000-$6,000 Take You?
Financial Support for Early Education
Another Illinois lawmakers idea is to give parents a tax credit for preschool expenses for kids aged three to five. This would mean parents could get up to $1,500 per child for preschool costs. The goal of Illinois lawmakers is to help families afford good preschool programs for their young children and make it easier for them to pay for them. These Illinois lawmakers ideas show that the government understands how hard it is for parents to manage work and take care of their kids. By giving tax credits for child care and preschool, Illinois lawmakers hope to make it less stressful for families to pay for these important services and give their children a good start in education.