“The greatest legacy one can pass on to one’s children and grandchildren is not money or other material things accumulated in one’s life, but rather a legacy of character and faith.”
– Billy Graham, evangelist
For example, maybe you were thinking of making a year-end gift to CLS of $500. If you were to use the Invest in Kids Act program and made a $2,000 contribution…you would receive a $1,500 tax credit on your IL Income Tax return, and provide a lower-income student at CLS with a scholarship for a Christ-centered education. Your “net” out-of-pocket is still your original intended gift of $500 but your gift ends up providing CLS with a $2,000 scholarship opportunity for a student. You actually quadruple the power of your gift. December is a great time to make that gift because you can claim the credit for this year’s taxes!
This scholarship program provides donors with the ability to receive an Illinois income tax credit of 75% of a donation given through a qualified Scholarship Granting Organization in Illinois (SGO). Christian Life Schools currently partner with two SGOs to provide low-income families with scholarship opportunities to attend CLS. We work with both Empower and the Children’s Tuition Fund to facilitate these scholarships. Through the Invest in Kids Act, both individuals and businesses can donate to the program and receive the 75% IL income tax credit.
Tax credits are capped at $1 million per taxpayer per year; which means that an individual donor can contribute about $1.33 million to receive the maximum tax credit allowed of $1 million. Donors cannot receive a federal deduction for gifts made through this program, but the net tax benefit to all donors is expected to be greater than ordinary charitable donations of an equal amount. Please consult a tax professional to determine how such gifts will affect tax liability.
We partner with these two SGOs where you can make your donation: Empower Illinois and Children’s Tuition Fund
How do I donate? There are 4 steps.
1. Request Letter ID
2. Activate Your Account with MyTax (Using the Letter requested above)
3. Reserve Your Credit
4. Make Your Donation
We have a step-by-step PDF that will help guide you.
Helpful Links
Intro to Tax Credit Scholarship Program
Tax Credit Scholarship Donation Overview
Increase Your Impact – Donation Example
Questions?
If you have questions or need assistance, please reach out to Dr. Bethge.