An anonymous donor has generously committed to using their Tax Credit Scholarship gift to Loyola Academy in the form of a match. To help their donation have the broadest impact possible, this year's gift is structured in the form of a 1-to-1 matching gift program.
HOW IT WORKS
For every $1 raised for Tax Credit Scholarships through Empower Illinois, an anonymous donor will also donate $1. This allows Loyola to double the dollars available to our students. The program has been extended to November 30 and will end when all matching funds have been depleted or on November 30, 2020, whichever comes first.
In August, 2017, the Illinois legislature passed the new 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 Scholarship Granting Organization (SGO). A SGO is a 501(c)(3) non-profit organization approved by the Illinois Department of Revenue. The primary goal of an SGO is to award scholarships to qualifying students. If desired, an individual may elect to direct their contribution to Loyola Academy.
We strongly encourage you to meet with your personal tax professional to see whether making a gift to an SGO or directly to Loyola Academy stands to make the greatest impact for you and our needy families. However, the most efficient and flexible means by which you can impact Loyola Academy students is by making a gift directly to Loyola Academy.
A taxpayer must request approval to make a contribution and receive the income tax credit prior to making your contribution. Applications for the 2020 tax year will be available starting at 12:01 a.m., Tuesday, January 1, 2020 and must be requested online through MyTax Illinois.
Important: You must have a registered MyTax IllinoisMyTax Illinois account for filing either individual income tax or business income tax in order to apply for approval to make a contribution. If you want to apply, you are encouraged to create a MyTax Illinois account as soon as possible to avoid any processing delays when the application system goes live.
Empower Illinois is the preferred Scholarship Granting Organization (SGO) if you are planning to designate a gift to Loyola Academy. Additional information will be available on the Empower Illinois website in mid-December. Information will include resources for schools and partner organizations as well as functionality for donors and students, including FAQs and how-to tutorials.
Students whose household income is below 300 percent of the federal poverty level ($73,800 for a family of four) are eligible to receive a scholarship. Prior to April 1, 2019, a priority will be given to students whose household falls below 185 percent of the federal poverty level ($45,510 for a family of four). It is important to know that this year, over 150 Loyola Academy families had a household income below 300 percent of the federal poverty level and met the criteria for tax credit scholarships.
Yes. However, the SGO must liquidate the stock or securities and issue a COR to the taxpayer within 30 days of the receipt of authorized contribution as required by Section 1000.500(c) for the net amount realized by the SGO from the sale of the stock or securities.
Gifts to the Illinois Tax Credit Scholarship Program cannot be credited toward an existing pledge. This is due to a number of federal and state tax guidelines. All gifts made through this new tax credit program must be new gifts.
ALERT:The Empower Illinois 2020–21 reservation form for the Illinois Tax Credit Scholarship will be available beginning Wednesday, January 15, 2020, at 6:30 p.m. (allowing families to enter their information before submission begins at 7:00 p.m.) Please visit the Empower Illinois website for additional information and updates.
Everyone must reapply, including those who received a scholarship for the 2019–20 year and those currently on the waitlist.
In August, 2017, the Illinois legislature passed the new Illinois Tax Credit Scholarship Program bill, Invest in Kids. This scholarship program awards income based scholarships to students in grades K-12 whose families earn 300% of the federal poverty level or less ($75,300 for a family of four). Loyola Academy is participating in this program.
To be eligible for Loyola Academy financial aid, all students who meet the criteria for this scholarship will need to complete the tax credit scholarship application in addition to the Loyola Academy financial aid applications.
The application process for the Tax Credit Scholarship begins January 15, 2019, at 6:30 p.m.
For the 2020–21 school year, the reservation form will be available on January 15, 2020, at 6:30 p.m., to give families time to enter their information before submission at 7:00 p.m. The reservation form will have two pages:
On page one, you will enter basic information, such as parent name, student name and contact information.
On page two, you will review this information and click submit.
Only after clicking submit on page two will you receive your first come, first serve timestamp.
On January 17, families will be notified by email when part two of the application opens. Families can complete this step whenever they are able to ensure accuracy, but are encouraged to submit the application before January 27, 2020, for the best chance at receiving a scholarship.