House Republicans Unveil College Savings Plan
House Republicans Unveil College Savings Plan

A group of Illinois House Republicans unveiled a package of legislation designed to make college more affordable, and to keep college students enrolled in Illinois schools.

“Thirty-one percent of Iowa’s freshman are from Illinois, 21 percent of Missouri freshman are from Illinois,” said State Rep. Bill Mitchell (R-Forsyth). “It’s cheaper to go out of state than to stay here in state and use one of our wonderful state facilities, the last ten years have been dismal in terms for our funding for our university systems,” said Mitchell.

State Rep. Adam Brown says a lot of Illinois students are deciding to go to college out-of-state because its cheaper, and this package provides incentives to help students choose to go to school in state.

“The first prong of the two prong approach is $1,000 tax credit, this $1,000 tax credit would be extended to families earning less than a gross income of $150,000 per year, and about two other states offer that currently including our neighbor next door next door over in Indiana,” said, Brown.

The package also includes legislation that would allow individual income tax deductions for those who are saving money for college in a private-sector 529 savings program for up to $10,000 of annual contributions made each year. Currently those tax deductions are offered only to contributors of in-state administered college savings plans such as Bright Start.

The legislation likely wouldn’t be introduced until the fall.