Illinois Tax Credit Scholarship
Invest in Kids: Illinois Tax Credit and Scholarship Opportunity
In August 2017, Illinois Public Act 100-0465 created the Invest in Kids Act (35 ILCS 40/1). This Act has several potential implications for current students and donors.
The Invest in Kids Act allows income tax credits for taxpayers who make authorized contributions to a Scholarship Granting Organization (SGO). The SGOs, in turn, provide scholarships for eligible Illinois students to attend non-public schools in Illinois. Many details about the program and application process are still being finalized, but we can share the following details.
The Invest in Kids Act allows income tax credits for taxpayers who make authorized contributions to a Scholarship Granting Organization (SGO). The SGOs, in turn, provide scholarships for eligible Illinois students to attend non-public schools in Illinois. Many details about the program and application process are still being finalized, but we can share the following details.
Information for Loyola Academy Families with Current and/or Prospective Students
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- Eligible students may begin applying in early December [updated information as of 12/1/17: students may begin applying in January]. Scholarships will be awarded on a first come, first served basis beginning with the 2018–19 school year. It is very important that families apply as soon as applications are being accepted.
- Eligible students are members of a household whose federal adjusted gross income the year before he or she initially receives a scholarship under this program, as determined by IDOR, does not exceed 300% of the federal poverty level and, once the child receives a scholarship, does not exceed 400% of the federal poverty level. Students must reside in Illinois while receiving a scholarship.
- The Financial Aid Office will be reaching out to eligible families and will work with them to apply.
- The max amount of a scholarship is $12,280.
- Questions?
- Contact Director of Tuition and Financial Aid Julia Biasco at 847.920.2427.
- Contact the Archdiocese at InvestInKids@archchicago.org or 312.534.5321.
Information for Interested Donors
- Beginning on January 2, 2018, individual and corporate donors will be able to apply for tax credits on the Illinois Department of Revenue website: tax.illinois.gov. [Update as of 12/1/17: Note, a taxpayer must establish a “My Tax Illinois” account for filing either individual or business income to apply for the credit. We encourage you to do that as soon as possible before December 31, 2017, at https://mytax.illinois.gov/]
- Donors will have 60 days to donate the amount they reserved to an approved Scholarship Granting Organization (SGO). [Update as of 12/1/17: To allocate funds directly to Loyola Academy, please choose Empower Illinois SGO.]
- An individual or corporate donor will receive a 75% Illinois tax credit on their donation. Loyola recommends consulting your personal tax professional about the implications, advantages and process.
- Loyola Academy plans to participate with the SGO created by the Archdiocese of Chicago [Update as of 12/1/17: To allocate funds directly to Loyola Academy, please choose Empower Illinois SGO.]
- Questions?
- Contact Vice President of Advancement Bob Miller at 847.920.2428.
- Contact the Archdiocese at InvestInKids@archchicago.org or 312.534.5321.
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1100 Laramie Avenue, Wilmette, Illinois 60091-1089 | 847-256-1100
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