-Defines a "low-performing school" as a school in City of Chicago School District 299 that is ranked within the lowest 10 percent of schools in that district in terms of the percentage of students meeting or exceeding standards on the Illinois Standards Achievement Test (Sec. 10).
-Establishes the School Choice Program, which entitles a qualifying pupil to a School Choice Voucher for payment of qualified education expenses incurred while enrolled at a nonpublic school of his or her choice (Sec. 15).
-Requires principals of each low-performing school to notify custodians of qualifying pupils that vouchers are available for the next school year (Sec. 20).
-Requires custodian's to submit a request for a voucher along with documentation of eligibility between March 1 and May 1 prior to the school year in which the voucher is to be used (Sec. 25).
-Specifies that School Choice Vouchers, through grade 8, are renewable every year so long as the pupil and custodian remain eligible (Sec. 40).
-Requires all pupils receiving School Choice Vouchers to be assessed in the same manner as Illinois' public school students with the results reported to the State Board of Education (Sec 45).
-Prohibits the amount of any voucher from being considered base income or being taxable for Illinois income tax purposes for taxable years ending on or after December 31, 2010 (Sec. 55, 900).
-Specifies that on or before December 31, 2014, the State Board of Education must submit a report to the General Assembly to determine if the pilot program should be expanded to other schools in the City of Chicago or to other areas of the State (Sec. 60).