Donate to a Tax Credit Scholarship

10 Dec 23 209 0 0

Donate to a Tax Credit Scholarship

Cool Story - Donate to a Tax Credit Scholarship

Through the Illinois Invest in Kids Tax Credit Scholarship Programme, you can give to support a child's future while receiving a 75% state income tax credit. Through a Scholarship Granting Organisation (SGO), individuals can donate and can specify which Catholic school will get the money.

Since the program's inception in 2017, more than 11,000 scholarships have been given out. However, a lot of students are still on wait lists in the hopes that a scholarship will help pay for their education at a Catholic school. No gift is too big or too tiny.

Through this program:

A person can get a 75% state tax credit on their charitable contributions. For instance, if someone gives $10,000, they will receive a $7,500 state tax credit.

Individual donors have the option of supporting one Catholic school of their choice or all of the Catholic schools in the Archdiocese of Chicago.

The credit has a five-year rollover period.

Increase the Impact!

Between December 1, 2022, and March 31, 2023, or until all matched funds have been used up (whichever comes first), donate to the scholarship program to take advantage of a 1-for-1 Matching Programme. Other restrictions apply, and the maximum matched donation amount per institution is $75,000. To ensure they have enough time to complete their gift before the end of the year and qualify for the tax credit for their 2022 taxes, donors should start the process by December 15, 2022.

Giving Procedure

By completing these steps, anyone can reserve tax credits on mytax.illinois.gov. Donors of renewals are not required to register.

For further information, get in touch with the Tax Credit Scholarship Office at the archdiocese at tcs@archchicago.org or 312.534.2617.

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