Tax Credit Scholarship Program

You have about 2 ½ weeks to get an Illinois Tax Credit for 2020. ACT NOW!

Last month’s tax-wise suggestion was “Investing in Kids” which provides a 75% Illinois state income tax credit. Donate by December 31st to lock in a credit for this tax year by going to www.mytax.illinois.gov.

For example, you could donate $1,000 to St Theresa School – Palatine and get $750 back in the form of a tax credit when you file your 2020 Illinois tax return (assuming you are subject to state income taxes*). Therefore, your net out-of-pocket for this donation is $250.


INVESTING IN KIDS IN THREE EASY STEPS

The 3 easy steps are illustrated fully at www.archchicago.org/tcs

  1. Log into or set up** an account at www.mytax.illinois.gov
  2. Donate to “Empower Illinois” – the Scholarship Granting Organization (SGO) with whom St. Theresa School partners
  3. Designate your donation to St Theresa School (Palatine)

If you have any questions, please feel free to contact Tom Galvan 847-358-7760 or Deacon Greg Vogt at 312-534-8236. Or log into www.archchicago.org/tcs for detailed instructions.

* As with all tax related matters, you should consult your financial advisor and/or tax preparer when considering this donation.
** Setting up a new account requires a “Letter ID” which may take 5 to 10 days to receive.

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