Illinois Tax Credit Program
Invest in Kids – Illinois Tax Credit Scholarships
In August 2017, the Illinois legislature passed the Illinois Tax Credit Scholarship Program bill, Invest in Kids, which allows for a 75% income tax credit for individuals and corporations who make authorized contributions to a non-profit Scholarship Granting Organization (SGO). SGOs such as Empower Illinois and Big Shoulders will award scholarships to qualifying students based on family income.
Individuals making donations to an SGO and wishing to benefit students at Regina Dominican are best served by directing their contribution to Regina Dominican High School. Our students have the best chance of benefiting from this scholarship opportunity through this method versus donations made to more general funds at the SGO.
We encourage you to consult with your personal tax professional to determine if donating to an Invest in Kids SGO is the best way for you to support Regina Dominican students in need of financial assistance.
Required Actions to Participate in the Illinois Tax Credit Scholarship Program:
Step 1: Request Letter ID and Activate MyTaxIllinois Account
CLICK HERE FOR STEP-BY-STEP SCREENSHOTS
A taxpayer must have a “MyTax Illinois” account to apply for the credit. If you do not currently have an account, we encourage you to do that as soon as possible, at https://mytax.illinois.gov/. Follow prompts to activate your MyTax Illinois account. This process can take up to ten days and involves a mailed Letter ID.
Step 2: Reserve Your Tax Credit
CLICK HERE FOR STEP-BY-STEP SCREENSHOTS
Beginning January 1, 2020, donors can indicate the amount they wish to donate and reserve the corresponding tax credit. The Illinois Department of Revenue will grant tax credits on a first-come, first-served basis. Based on the experience of similar programs in other states, tax credits are claimed very quickly. We suggest you plan on making your tax credit reservation as early as possible.
Donors have 60 days from the date they receive their credit authorization certificate to donate that indicated amount to the SGO of their choice.
Please use either the Empower Illinois or Big Shoulders SGO as the primary giving vehicle when designating your gift to Regina Dominican.
Donating Stock or Securities
Donations of stock or securities can be accepted by Scholarship Granting Organizations. Please contact Empower Illinois or Big Shoulders SGO for more information about how to donate securities.
Who Benefits from These Scholarships?
Students whose household income is below 300 percent of the federal poverty level ($75,300 for a family of four in 2019) are eligible to receive a scholarship. More information about this scholarship program can be found at Empower Illinois’ website and at the Illinois Department of Revenue website.
If you have any follow up questions, please contact Fred Donnelly, VP of Finance and Operations, at [email protected] for more information.
Thank you for your support of Regina Dominican students!