IL Tax Credit Scholarship Program
The Invest in Kids Act was signed into law in Illinois in August 2017. This law created the Illinois State Tax Credit Scholarship program which enables IL state residents to make a contribution to a Scholarship Granting Organization (SGO)* and direct their gift to a private elementary or high school. For this contribution, donors receive a 75% tax credit against their IL state income tax bill.
There was talk during the recent IL gubernatorial campaign that this program might be rescinded. Not only has it survived the change in state government, it appears increasingly likely that it will remain in place through the original expiration date at the end of calendar year 2023.
All of the tax credits allotted for 2019 have not yet been claimed. You can still take advantage of this program before December 31, 2019, to support Fenwick students who will potentially change the trajectory of their whole family by graduating from Fenwick and going on to college. You can also dramatically reduce your IL state income tax bill.
There are stringent income requirements for families to qualify for grants through this state program. To qualify, a family of four must have income no greater than $73,800. Priority is given to a family of four whose income does not exceed $46,435. To date, over 80 Fenwick students/families have received grants through this program, and many more families qualify.
You can help more kids and get a big tax break!
For more information, please see http://www.revenue.state.il.us/InvestInKids/ or contact Chris Ritten at Fenwick: 708-948-0350, email@example.com
*Fenwick has successfully worked with the following SGOs:
For step-by-step instructions on how to register with the Il Department of Revenue, please see: https://www.fenwickfriars.com/assets/1/6/SGO_Step_by_Step_Process_2019_1.10.19.pdf