Support CTK » Tax Credit Scholarship Program

Tax Credit Scholarship Program

Special Opportunity - Match Available for New TCS Donors
A generous donor has agreed to match Tax Credit Scholarship (TCS) donations from new donors to the program through Empower Illinois up to a total of $50,000, up to $10,000 per individual donor. That means, you can now double the impact of your gift to CTK while eliminating some or all of your Illinois state tax liability with a tax credit. (See info sheet HERE.) Help provide the gift of a CTK education through Empower Illinois by December 31, 2022! 

 
The "Invest in Kids" Illinois Tax Credit Scholarship Program allows individuals and corporations to classroomdonate to Scholarship Granting Organizations (SGOs) and receive a credit on their Illinois state taxes in return. An SGO is a 501(c)(3) non-profit organization, approved by the IL Department of Revenue, whose primary aim is to give scholarships to qualifying students.
 
Who qualifies to receive these scholarships?

Students whose families earn 300% of the federal poverty level or less ($73,800 for a family of four) qualify, and priority is given to students who are members of a household whose previous year’s total annual income does not exceed 185% of the federal poverty level ($45,510 for a family of four).

At Christ the King Jesuit College Prep, the median family income of the students we serve is $26,861 and the average family size is 4.7 people. All of our students qualify for the scholarship, and most of our students are in the priority category. The State is still accepting donations for this school year.

Over 200 CTK families have applied for Tax Credit Scholarships, which far exceeds the funds available. If you are considering making a donation, please designate your gift to benefit our students at Christ the King Jesuit College Prep. Thank you!

What is the benefit to a donor?

An individual or corporation will receive a 75% credit on their donation to an SGO. This means that if a donor donates $10,000, they will receive a state tax credit of $7,500.

• Tax credits by both individual and corporate donors are capped at $1 million, which means donors can contribute up to $1.33 million to receive the maximum tax credit allowed.
• Individual donors can direct their donations to Christ the King Jesuit through the SGO.
• Corporate donors cannot designate their donation to any particular school.
• The credit is non-refundable, but can be carried forward for five years.
• Donors are prohibited from receiving a federal tax deduction for these donations.
- Changes for federal tax law capping the amount of state and local taxes that may be deducted make this program even more attractive.
- By making your donation with appreciated stock, you can also forego capital gains taxes.

The Illinois Tax Credit Scholarship Program has a cap of $100 million in donations, resulting in $75 million in total tax credits issued. There are still tax credits available, please claim yours today.

As a donor, what is the process?

We have put together step-by-step instructions on how to reserve your tax credits by making a donation through one of our two preferred SGOs - Big Shoulders Fund or Empower Illinois. The Illinois Department of Revenue is granting "Contribution Authorization Certificates" (CACs) on a first-come, first-served basis. Christ the King is located in Region One. 

If you are having any trouble, please contact Kat Kinasz at [email protected] or 773.413.3513, as we have walked several donors through the process. 

If you are ready to move ahead, please plan on completing the following steps:
1. Notify Kat Kinasz of your intent to participate so we can share helpful information with you.
2. Activate your account or request your Letter ID.
3. Confirm access to your account at mytax.illinois.gov
4. Gather information needed to apply for the tax credit: donation amount, name of SGO (CTK is located in Region 1).
 
Thank you for your interest in supporting our students!