Neighbor News
State's Invest in Kids program attracts $36 million in first day
Individuals, businesses take advantage of tax credit offering
A new program in Illinois called Invest in Kids, which allows low-income and middle-income students the opportunity to attend private and alternative schools that best meet their educational goals, attracted more than $36 million in contribution pledges in its first day of the program launch on Tuesday, Jan. 2, when they first began accepting applications, according to an announcement made today by Gov. Bruce Rauner.
Taxpayers can contribute up to $1.3 million to eligible organizations and will receive an income tax credit equal to 75 percent of their approved contributions. Currently, 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,” 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.”
Find out what's happening in Springfieldfor free with the latest updates from Patch.
Taxpayers wishing to take advantage and contribute to the program may apply online through MyTax Illinois, the Illinois Department of Revenue’s free online tax account management program.
Individuals and businesses will need to fill out applications for a Contribution Authorization Certificate with the Illinois Department of Revenue in order to be permitted to make authorized contributions to one of the approved scholarship grant organizations, which will in turn provide scholarships to eligible Illinois students to attend qualified private schools within the state. The application process allows for equal access to the available $75 million in annual tax credits.
Find out what's happening in Springfieldfor free with the latest updates from Patch.
For more information on the Invest in Kids program, including bulletins, FAQs and a list of approved scholarship granting organizations, you can learn more from their website at Investinkids.illinois.gov. A YouTube video is available on the website to assist taxpayers with MyTax Illinois registration. Questions may be emailed to REV.PRD@illinois.gov.
