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Illinois State Tax Credit Scholarship Program

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IL State Tax Credit Scholarship Program

The “Invest in Kids Act” allows individuals and corporations to donate to Scholarship Granting Organizations – and, in the case of individuals, direct their gift to Fenwick -- and receive a credit on their Illinois state tax returns of $.75 for every $1.00 donated, up to a maximum allowable credit of $1,000,000 ($1,333,000 gift amount). 

As of December 12, the Illinois Department of Revenue has approved five Scholarship Granting Organizations (SGOs).  

  • Empower Illinois (the Chicago and Joliet Arch/dioceses’ “preferred” SGO)
  • ASCI Children Education Fund
  • Big Shoulders Fund
  • Boys Hope Girls Hope of Illinois
  • Highsight

Taxpayers must identify a SGO when applying for tax credits.  

Also, a taxpayer must establish a “My Tax Illinois” account for filing either individual or business income to apply for the credit.  We strongly encourage you to do that today as this process can take up to two weeks.

Do not wait until year-end to establish this account.

  • Effective 12:00 a.m. on January 2, 2018, taxpayers may apply for credits online at My Tax Illinois.  All of the available tax credits ($75 million, total gift amount $100 million) may be spoken for within the first few minutes or hours.
  • The requirements to apply for credits are as follows:

1) the taxpayer's name and address;

2) the amount the taxpayer will contribute;

3) the region for which the contribution will be made;

4) the SGO to which the contribution will be made; and

5) an acknowledgment that no credit may be taken for any qualified contribution for which the taxpayer claims a federal income tax deduction

  • All currently approved SGOs are approved for Region 1, Cook County.  If you want to direct a gift to Fenwick, you should indicate Region 1 when applying for the credit.
  • Region 1, as well as the other four regions in Illinois, has a maximum amount of allowable credits.  If the region and state limits are not yet met, a taxpayer will automatically be approved and issued a Contribution Authorization Certificate (CAC) on a first-come, first served basis.
  • Upon receipt of a CAC, the taxpayer has 60 days to make the proscribed contribution to a SGO.  Any contributions received by the SGO more than 60 days after the receipt of the CAC by taxpayer will not be eligible for tax credit.  Individual taxpayers can indicate to the SGO that their contribution be directed to a specific school.  Corporate taxpayers may not indicate that their contribution be directed to a specific school.  Upon receipt of the contribution, a SGO will issue a Certificate of Receipt (COR) to the taxpayer.

For more information click here.

Please contact Chris Ritten (critten@fenwickfriars.com), 708-948-0350) with any questions.

 

 

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