Illinois Tax Credit Scholarships

In summer 2017, the Illinois General Assembly enacted the Invest In Kids Scholarship Tax Credit Program. This new initiative enables individuals and organizations to contribute to private school scholarships for low-income students while also receiving a 75% tax credit. The program creates a double win for Glenwood Academy’s children and our supporters. 

 

Program Benefits 

  • Individuals or organizations will receive a 75 percent tax credit on donations to a Scholarship Granting Organization (SGO). For example, a donation of $15,000 will receive an $11,250 income state tax credit.

  • Individuals may designate donations to Glenwood Academy.

  • $75 Million in tax credits are available first-come, first-served starting at midnight on January 2, 2018.

I want to invest in Glenwood students. Where do I sign up?

Illinois taxpayers must have an account at mytax.illinois.gov to reserve tax credits starting January 2, 2018. The entire process can take up to 10 days. We encourage you to please take the following steps immediately:

 

1) Create and activate your account at mytax.illinois.gov 

2) Request a Letter ID

  • Click on the "Individuals" tab

  • Under "Miscellaneous" select "Request a Letter ID"

  • ALLOW 7-10 DAYS FOR YOUR LETTER ID TO ARRIVE VIA US MAIL -- THE TIME WINDOW IS SHORT, SO PLEASE ACT QUICKLY TO BE PREPARED ON 1/2/18 

3) Let Glenwood Academy know of the intention of your gift.  

 

Once the tax credit application opens (midnight on January 2), donors will apply for a certificate, which includes the donation amount and reserves the tax credit. Donors will then have 60 days to make their donation to an approved SGO and designate their gift to Glenwood Academy. There will be $75 million in tax credits issued annually, but they could be reserved by donors like you in just minutes so please be prepared.

Learn More

If you're interested in supporting Glenwood Academy through the Invest In Kids Scholarship Tax Credit Program, please contact Kim Luckey, VP of Development and Communications at 708-756-6633 or kluckey@glenwoodacademy.org for more information.

 

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