Important Information on Taxes and Scholarships!
 
Important Information on Taxes and Scholarships!
01.05.18

In August 2017, the Illinois General Assembly passed the Invest in Kids Act as part of a budget package and allocated $75 million for scholarships through tax-credit contributions. This legislation funds scholarships for qualifying low-income students to attend the nonpublic school of their choice.

The Children’s Tuition Fund of Illinois (listed as ACSI Children Education Fund on the state website) is officially authorized to serve students, schools, and contributors as a Scholarship Granting Organization and began accepting contributions on January 2, 2018. Your contribution can help private Christian schools across the state and, in the process, help families escape government schools.

Contributors to this scholarship program receive 75% of their contribution as a state tax credit. This is much more than just a deduction.

For example, if you owe $750 in Illinois state income tax and you contribute $1,000 to CTF IL, you eliminate your entire income tax liability because 75% of $1000 is $750. Almost all of your contribution ($950) goes to your designated school(s) for scholarships! Both businesses and individuals can participate. Please note that this credit is for the 2018 tax year—not for the 2017 tax year.

Since donations have been capped at only $75 million for the entire state, it is critical to make your donation quickly now that the system has opened on January 2, 2018.

To make a donation, you first need to register. This requires going to https://MyTax.Illinois.gov, registering on the site, and awaiting a confirmation “Letter ID” from the State. There is a great video of the process on the Invest in Kids Act website. Once you receive your Letter ID you must go back into MyTax.Illinois.gov and complete your registration.

If this sounds interesting to you, please take the first step of getting a Letter ID from the state so that you can finish the registration process. My letter only took a few days to receive, but if possible do this first step today!

Please visit https://MyTax.Illinois.gov today! Then select REGISTRATION in the menu on the upper right. And then choose “Sign up for a MyTax Illinois account.”

In Christ,

Pastor Calvin Lindstrom
Christian Liberty Academy

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