Tax Credit Offering: State’s ‘Invest in Kids’ Program Attracts $36 Million on First Day
Illinois’ new Invest in Kids scholarship program — which gives low- to middle-income students opportunities to attend non-public schools that best meet their educational goals — attracted more than $36 million in pledged contributions on Tuesday, Jan. 2, the first day the state began accepting applications.
Taxpayers can contribute up to $1.3 million to eligible organizations and receive an income tax credit equal to 75 percent of their approved contributions. The state caps total yearly contributions at $100 million.
“When we unleash the power of private-sector investment incentives like Invest in Kids, great things are possible,” Gov. Bruce Rauner said. “Within its first hour of going live, more than one-third of all Invest in Kids contributions have been allocated for the 2018 tax year. This outpouring of generosity is truly a testament to the many Illinoisans who believe in offering students and their families a choice in their education.”
Taxpayers wishing to contribute to Invest in Kids may apply online through MyTax Illinois, the Illinois Department of Revenue’s free online account management program.
Individuals and businesses must apply to the Illinois Department of Revenue to obtain Contribution Authorization Certificates that permit them to make authorized contributions to one of the approved scholarship granting organizations. Those organizations, in turn, provide scholarships for eligible Illinois students to attend qualified non-public schools in Illinois.
The application process ensures equal access to the $75 million in tax credits available each year.
For more information on the Invest in Kids income tax credits, including bulletins, FAQs and a list of approved scholarship granting organizations, visit Investinkids.illinois.gov.
SOURCE: state of Illinois news release