ALERT:The Empower Illinois 2019-20 application for the Illinois Tax Credit Scholarship will be available beginning Tuesday, January 15, 2019, 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 2018-19 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 ($73,800 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 7:00 p.m.
Part one of the application will be available at empowerillinois.org on January 15, 2019, at 7:00 p.m. Everyone must reapply, including those who received a scholarship for the 2018-19 school year and those currently on the waitlist.
Families will receive an email to access part two of the application on January 18, 2019, through their new portal on empowerXchange.
Families are encouraged to complete part two before January 28, 2019, for the best chance of receiving a scholarship. If a family does not submit their application before January 28, another applicant may receive a scholarship before them, eveni f the family has reserved a place in line in front of them.
Tax Credit Scholarship Application questions should be directed to the Empower Illinois Scholarship Hotline at 855.318.1222 (English) or 612.548.3337 (Spanish). If you have any additional questions, please contact our Director of Tuition and Financial Aid Julia Biasco at email@example.com or 847.920.2427.
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 2019 tax year will be available starting at 12:01 a.m., Tuesday, January 1, 2019 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 IllinoisMyTax 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.