This legislation allows individuals and corporations to donate to scholarship-granting organizations (SGO) and receive a credit on their state taxes in return. This may be a significant benefit to benefactors because it is a tax credit rather than a deduction which is typical for charitable contributions. The SGO will use the donations to grant scholarships to qualifying students.
Benefactors can designate their contributions to St. Joseph School. Benefactors may make a charitable contribution of any amount up to $1 million for scholarship programs and receive a state tax credit of 75%. The SGO will provide scholarship dollars for families that meet the income requirements.
An individual or corporate donor will receive a 75% state tax credit on their donation. As an example: a donor donates $10,000, they will receive a state tax credit of $7,500.
Individual donors interested in applying will be able to reserve these tax credits on the Illinois Department of Revenue website. www.mytax.illinois.gov.
The SGO of choice for St. Joseph School is Empower Illinois www.empowerillinois.org
To allow us to continue to help deserving St. Joseph families in need, we ask that you consider supporting the Invest in Kids Scholarship Tax Credit Program and designate your contribution to St. Joseph School.