House Republicans Unveil Plan For New Tax Breaks For College
House GOP Proposes New Tax Breaks For College
(CBS) -- Republicans in the Illinois House have outlined new plans to make college more affordable.
WBBM Political Editor Craig Dellimore reports the House Republicans' plan would create a $1,000 tax credit for families who earn less than $150,000 a year and send their kids to accredited Illinois schools.
It also would provide a $10,000 income tax deduction for using a 529 college savings program. That deduction would be different from the existing deduction available for enrolling in the state's Bright Start program, as it would let parents control where their savings are invested.
State Rep. Adam Brown (R-Decatur) sponsored the plan and said many parents want that kind of freedom when setting up a savings plan for their child's educaton.
State Rep. Barbara Wheeler (R-Crystal Lake) said she has five kids, and likes the sound of the benefits families could get through the proposal.
"Believe it or not, they didn't get that football scholarship, or their soccer scholarship, or they ended up being mediocre. That's a shame, they're absolutely lovely children," she said. "But the looming costs of college are quickly approaching, and I appreciate these efforts."
Republicans hope other parents feel the same.
