Beginning in 2018, the state of Illinois implemented a new law that allows for Illinois residents who owe taxes to the state to contribute part of their tax burden to a private school of their choice, to be used specifically for scholarships allowing more Illinois families to choose a school for their children which aligns with their family values.

While big donors gain a big tax benefit from donating, even more humble contributions from individuals can really maximize their contribution to a specific school by donating into this scholarship fund.  If you were to donate $1,000 and ear mark it not only for Archdiocese of Chicago schools, but specifically to St. Ferdinand School, $750 of that money would be eligible for a full tax credit.  (from the Tax Policy Center/Brookings Institute: “Tax credits are subtracted not from taxable income, but directly from a person’s tax liability; they therefore reduce taxes dollar for dollar. As a result, credits have the same value for everyone who can claim their full value.”) Read more HERE. 

Talk to your tax preparer about the value of this type of contribution TODAY! While there is a cap on how much can be donated into this fund, they haven’t reached the cap, so it’s worth looking into. 

HERE is a good explanation of how it all works. 

More information can be found at mytax.illinois.gov,  empowerillinois.org , and at archchicago.org.