Illinois Tax Credit Scholarship-Donor Information
Illinois Tax Credit Scholarship Donor Information
Illinois’ “Invest in Kids Act” provides an incentive for individual and corporate donors to support nonpublic school scholarships for qualifying families. Provisions of the law include:
- Donors receive a credit (not deduction) on their Illinois Income Tax Return equal to 75% of money contributed to the scholarships.
- Individual donors may direct their donations to a particular school (Holy Family Catholic Academy). Corporations cannot designate their donations.
- The funds for this program cannot exceed $100 million in donations ($75 million in Illinois income tax credits) and is scheduled to be effective for 5 years--the final awards will be issued for the with.
Contributions to this fund benefit ALL of us. The donors benefit with a 75% tax credit, the eligible families benefit by being able to attend HFCA, and our entire community benefits as we continue to grow enrollment and at the same time reduce the amount of financial assistance we would otherwise provide to eligible families.
Here's how it works:
|Donor makes a contribution to the Tax Credit Scholarship||$1,000|
|Donor claims 75% tax credit on IL Form 1040||(750)|
|Net out-of-pocket cost to Donor||$ 250|
|Amount available to HFCA for scholarships||$1,000|
Please click to see easy to follow step-by-step instructions and make your donation count today! This is a rare win-win benefit to the Donors and to HFCA!