Don't Miss Out on the Invest in Kids Illinois Income Tax Credit
Beginning with tax year 2018, Illinois taxpayers who are approved to participate in the Invest in Kids program can receive a state income tax credit in the amount of 75% of their total qualified contributions made to one or more Scholarship Granting Organizations (SGOs) during a taxable year. These income tax credits cannot exceed $1M per taxpayer, per year. If you claim this tax credit, you cannot claim any portion of the contribution as a federal income tax deduction. These tax credits are not refundable. However, any income tax credit amount that exceeds your tax liability for the year may be carried forward and applied to your tax liability in the subsequent five taxable years. Income tax credits are awarded on a first-come, first served basis. The Illinois Department of Revenue can issue up to $75M in income tax credits per calendar year. Once all the credits have been awarded in a calendar year, you will have to wait until the next calendar year. For more information on this program and detailed instructions on how to apply, please go to www.mytax.illinois.gov.