Invest IN Kids Scholarship Fund
How it Works For Donors
Invest in Kids Act 2017
- Donors receive a 75% state tax credit starting in 2018 for qualified donations to a scholarship granting organization (SGO).
- The credit is capped at $1 million per donor, or a $1,333,333 donation.
- The credits are limited by region, determined by the five Illinois Appellate courts and the proportional enrollment in recognized non-public schools until June 1.
- Individual donors can designate their contribution to a specific school or group of schools.
- Corporate donors cannot designate their contributions; those go into a general pool by region.
- To claim the credit:
- Donor must set up an account at MyTax Illinois (mytax.illinois.gov) which can be done now.
- Starting January 2, 2018 apply for the credit using the MyTax Illinois account. The donor will need to provide:
- Taxpayer’s name and address
- Amount of the contribution
- Region for which the contribution will be made.
- Name of the SGO to which the contribution will be made
- Acknowledgement that the taxpayer will not also take a federal tax deduction for this contribution
- The Illinois Department of Revenue will issue a contribution authorization certificate to approved donors on a first-come, first-serve basis.
- The donor has 60 days from the date on the certificate to make the donation to the SGO.
- The SGO will electronically issue a certificate of receipt to the donor and to IDOR after payment is confirmed.