DONATE - Tax Credit Scholarship (TCS)

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For questions or more information please contact Lisa Schwabe at lschwabe@frassaticatholicacademy.org
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 Apply for a 2022 tax credit and donate to a Scholarship Granting Organization. See the information below to learn how to get started today. 

General Information

What are tax credit scholarships?

The Illinois Tax Credit Scholarship Program, “Invest in Kids,” provides a 75 percent Illinois state income tax credit to individuals and corporations that contribute money to a non-profit Scholarship Granting Organization (SGO). The SGOs award scholarships to eligible students from low-income families. Donors will use money already owed to the state (taxes) and donate it to a needs-based scholarship instead, all while receiving a 75 percent state tax credit.

 

Through this program:

  • An individual or corporation will receive a 75 percent credit on donations to an SGO. For example, if a person donates $10,000, they will receive a state tax credit of $7,500.

  • Only individual donors (not businesses) can designate their donations to Frassati Catholic. Academy

  • The credit can be rolled over for five years.

  • Donors are prohibited from receiving a federal tax deduction for these donations.

  • The program is capped at $100 million in donations, resulting in $75 million in total tax credits issued.

 

What is the process for donating?

New individual and corporate donors can reserve tax credits through mytax.illinois.gov by following these steps (renewal donors skip step 1):

 

  1. Create a MyTax Illinois account on mytax.illinois.gov. Anyone applying for a scholarship tax credit is required to have an account. If you do not have one, the first step is requesting a Letter ID from the Illinois Department of Revenue. 

  2. Apply for a tax credit on mytax.illinois.gov. Donors will need to provide the following information: 

    • Region to which he/she plans to donate. Frassati Catholic Academy is located in Region 2 - Northern Counties

    • Name of SGO to which he/she plans to donate (the Archdiocese is partnering with Empower Illinois)

    • The amount he/she plans to donate

    • CLICK HERE for step-by-step instructions on how to apply for the credit

  3. Donate at Empower Illinois within 60 days of receiving your application approval and the Contribution Authorization Certificate. 

  4. Provide a certificate from the SGO to use tax credit when filing a 2021 return in 2022 or your 2022 return in 2023.

 

Interested in donating, but still have some questions?

We are here to guide you through the process. Please contact Lisa Schwabe at lschwabe@frassaticatholicacademy.org for further assistance.