Synopsis As Introduced Creates the Chicago Opportunity Scholarship Act and amends the Illinois Income Tax Act and the State aid formula provisions of the School Code. Establishes the Chicago Opportunity Scholarship Program, a pilot program that expires on June 30, 2024. Provides that under the program, the custodian of a qualifying pupil is entitled to a Chicago Opportunity Scholarship to pay for qualified education expenses at a participating Chicago nonpublic elementary school. Requires the principal of each low-performing school and of each overcrowded school in the Chicago school district to notify custodians of qualifying pupils of the availability of scholarships. Sets forth provisions concerning a request for a scholarship, the issuance and payment of a scholarship, the amount and renewal of a scholarship, pupil assessment, the State longitudinal data system, and funding. Provides that students receiving scholarships are considered nonpublic school students who have been voluntarily placed in a private setting. Provides that the amount of a redeemed scholarship shall not be considered base income and shall not be taxable for Illinois income tax purposes. Requires the State Board of Education to submit a report to the General Assembly. Provides criminal penalties for certain violations. Requires the State Board to adopt rules to implement the Act. Provides that the Act is repealed on July 1, 2024. Effective June 30, 2014.