Illinois Tax Scholarship Program

The IL Tax Credit Scholarship program is in place for at least two more years: 2022 and 2023! You can “pay” your Illinois income taxes in 2022 by taking advantage of the Illinois Tax Credit Scholarship program as follows:

• Make a contribution to a scholarship granting organization (SGO) like Big Shoulders Fund or Empower Illinois.
• Direct your contribution to Fenwick
• Get a 75% state income tax credit (not a deduction, a credit!) for the amount of your donation

Take advantage of this program now for 2022! If you do not use all your tax credits in 2022, you can roll them forward for up to five years!

The stock market is still trading near all-time highs!  Take advantage of double tax savings by contributing long-term appreciated stock to an SGO (thus avoiding capital gains tax), direct your gift to Fenwick, and receive a state income tax credit of 75% of the amount of your gift!

For more information about the Illinois Tax Credit Scholarship program, please see either of the above SGO websites or contact Chris Ritten, V.P. of Institutional Advancement, at Fenwick:  708-948-0350, critten@fenwickfriars.com.

Fenwick High School does not provide tax or legal advice. Please consult your tax/legal advisor before making any contribution through the IL tax credit scholarship program.