You can direct your state income tax.
Have you heard of the Invest in Kids Act and the private school scholarships that result?
You may direct your individual or corporate state income tax liability by making a charitable donation to a state-certified scholarship organization. The Children’s Tuition Fund of Illinois (CTF IL) is one such scholarship organization that focuses on placing underprivileged students in great private schools. Until recently, Illinois residents had little control over how their tax dollars were distributed. However, in August 2017, the Illinois Legislature passed Senate Bill 1947, allowing individuals and corporations to direct up to $1,000,000 of their state income tax liability. Now, for example, taxpayers can secure credits of $7,500 by sending $10,000 to a state-certified scholarship-granting organization like CTF IL. CTF IL makes sure your charitable donation is recognized by the Illinois Department of Revenue and that you, the donor, receive a tax credit for that donation. However, the funds available are limited and are distributed on a first-come, first-served basis. To help you take advantage of these credits, visit childrenstuitionfund.org to learn more or review this document from the Illinois Department of Revenue. You can also reach out to Joy Crowe, Director of Development, for more information: 630-562-7580.