House Republicans’ Plan

As kids start their summer vacations, families around the area are also spending the summer getting ready to send kids off to college.
The costs of getting that degree are in the spotlight as student loan debt has surpassed all other forms of debt.

State Representative Darlene Senger, along with House Republican Leader Tom Cross and other fellow republicans announced a package of bills to help alleviate the burden of paying for college.

Under the proposed legislation families who make less than $150,000 a year will be eligible for up to a $1,000 tax credit per year, if they attend school within the state.

Also included in the plan is an income tax deduction of up to $10,000 for families saving for college through a 529 program.

“We’re being sensitive to the word cost,” says Senger. “And what the cost it is to you for a loan you have to pay off in the future, but also making sure you have access to the best schools in the country which are right here in Illinois.

The tax deductions would cost the state about $17 million and the tax credit could cost $68 million.

Representative Cross says these could be paid for with the proposed gambling expansion or with savings costs from future pension reform.

The bill could be brought up in the fall when lawmakers return to Springfield.


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