Public Act 100-0465 created the Invest in Kids Act (35 ILCS 40/1). This Act allows income tax credits for taxpayers who make authorized contributions to a Scholarship Granting Organization (SGO). The SGOs, in turn, provide scholarships for eligible Illinois students to attend qualified, non-public schools in Illinois.

How much is the child tax credit in Illinois?

For every child under the age of 6, families will get up to $3,600 under the expansion, or $300 per month. For every child ages 6-17, the amount is $3,000, or $250 per month. This is a significant increase from past years when the credit was $2,000 per child, ages 0-16.

How do I donate to empower in Illinois?

Empower Illinois is the state’s largest Scholarship Granting Organization (SGO) that can administer this program. Please reach out to our Donor Helpline ([email protected] or 800-616-7606) for more information.

What is Empower Illinois?

Empower Illinois is the state’s largest, most comprehensive scholarship granting organization (SGO). We support schools and school networks in their tax credit scholarship fundraising efforts while assisting students and their families through the scholarship process that can help make their dreams a reality.

Does Illinois allow itemized deductions?

No. Illinois does not use standard or itemized deductions in arriving at your taxable income. Instead, an exemption of $2,325 is allowed for the taxpayer, spouse and qualifying dependents claimed on your return.

How much is tax credit for a child 2019?

Taxpayers can claim the Child Tax Credit if they have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. Up to $1,400 of that amount can be refundable for each qualifying child.

Can you write off property taxes in Illinois?

Most states do not allow individual taxpayers to deduct all or a portion of paid real property taxes. Under its Property Tax Credit, Illinois allows taxpayers to claim 5% of paid real property taxes on their principle residence on their state tax return.

What is tax deductible in Illinois?

Deducting Illinois Income Taxes If you are single you can claim a standard deduction of $12,200. So, if you pay more than $12,200 in state income taxes and other itemized deductions, then consider itemizing your taxes.

Is there a invest in kids tax credit in Illinois?

Illinois enacted the Invest In Kids Scholarship Tax Credit Program in 2017. This program offers a 75 percent income tax credit to individuals and businesses that contribute to qualified Scholarship Granting Organizations (SGOs).

How does the invest in Kids Act work?

The Invest in Kids Act allows individuals and businesses to donate funds to an SGO in order to financially support private education, and then to take a tax credit equal to 75% of such donation on their Illinois income tax return.

What are the requirements for the child tax credit?

Tax credits are awarded to taxpayers on a first-come, first-served basis. The legislation is scheduled to sunset after five years. Eligible students must initially have family income of no more than 300% above the federal poverty level, and they may already be enrolled in private schools.

What kind of scholarships are available in Illinois?

The SGOs then provide scholarships for students whose families meet the income requirements to attend qualified, non-public schools in Illinois. Learn more about the income tax credit scholarship program’s funding, eligibility, benefits and regulations.