Time may be Running Out!
Reduce Your Illinois Income Taxes and Help Fenwick Students!
In February 2021, Governor Pritzker proposed a state budget effective July 1, 2021, that significantly curtails the benefits to IL state income taxpayers of helping the neediest students in Illinois attend a private elementary or high school of their choosing.
Currently, you can “pay” your Illinois income taxes in 2021 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
Governor Pritzker has proposed cutting the tax credit amount to 40% effective July 1, 2021.
Take advantage of this program now for 2021! The SGOs above are working hard to lobby state legislators to ensure that the program is not curtailed, but no one knows for certain if it will survive the budget ax. The Tax Credit Scholarship program is due to expire at the end of 2022 in any case. If the program is curtailed before then, it almost assuredly will not be extended beyond 2022. If you do not use all your tax credits in 2021, 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!
“You might ask yourself, ‘Is it really worth it?’ Believe me, it is! Pay your Illinois income taxes and feel good about it by helping a deserving Fenwick student. That’s a win-win!”
-Tim Culhane ‘85
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, email@example.com.
For a list of Frequently Asked Questions
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.