What is the Illinois Tax Credit Scholarship Program?
The Illinois Tax Credit Scholarship Program, made possible by the Illinois Invest in Kids Act, provides donors a unique opportunity to contribute to scholarships that help lower-income families send their children to private schools — while reducing their own tax bill on dollars otherwise owed to the state. Glenwood Academy has been approved by the Illinois Department of Revenue to participate in this program, which means your donations can support Glenwood Academy.
I want to invest in Glenwood students. Where do I sign up?
The program enables individuals and corporations to reserve Illinois income tax credits based on contributions made to SGOs. The organizations then provide scholarships for eligible students to attend nonpublic schools, with priority given to low-income students. Taxpayers may apply 75% of the total contributed as a tax credit against their Illinois income tax bill. For example, a taxpayer making a $1,000 qualified contribution would be awarded a $750 tax credit. The credits are capped at $1 million per taxpayer per year.
3 Let Glenwood Academy know of the intention of your gift.
Illinois taxpayers must have an account at mytax.illinois.gov to reserve tax credits. The entire process can take up to 10 days. We encourage you to please take the following steps immediately:
Since the tax credit application has opened (12:01 a.m. on January 1), donors can 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.