UPDATE: “Invest in Kids” Scholarship Program
As many of you have heard, there has recently been some opposition raised up against this scholarship program. The opposition bill, if passed, would negate the tax credit offered to contributors of the Invest in Kids program IF public school funding does not meet the goal of $350 million as early as this next school year.
What does this mean for the contributions pledged and/or the money that you may have already funded to ACSI’s Children’s Tuition Fund Scholarship Granting Organization?
1. Do not worry. Your money will still be used to grant scholarships to families to attend CHA as long as you have designated your contribution for CHA when funding the Children’s Tuition Fund.
2. If, for some reason, the opposition bill to the Invest in Kids Program is successful, the state tax credit associated with your contribution would be negated. This means you would NOT receive a credit against your 2018 state taxes. Instead, your contribution would be treated like any other charitable contribution you make during the year (i.e. similar to a donation to your church). It would only be tax deductible for federal tax purposes but WOULD NOT HAVE THE 75% state tax credit associated with it. But again, your contribution would continue to be used to grant scholarships to CHA.
3. A reminder to everyone who has pledged a contribution: There was a 60-day window to fund your contribution. If you made your election on the first day possible (January 2nd), your funding would need to occur by Saturday March 3rd. Please follow through and fund your contribution; this will give you the best chance to claim your state tax credit WHEN the opposition bill fails in Springfield.
4. To date, we have had a few scholarships granted from the contributions that have already been funded. THANK YOU to everyone who has participated in the program.
If you have any questions on how to fund your contribution, there are step by step instructions on the CHA WEBSITE.
What does this mean for those who have applied to be a recipient of an Invest in Kids scholarship?
1. When the Children’s Tuition Fund is funded, scholarships will be granted. Again, we have had a few scholarships granted to date.
2. There are approximately 100 applications for scholarships to attend CHA at the Children’s Tuition Fund. Please be patient and continue to pray for the funding of the program. When funding occurs, scholarships will be granted to priority students (i.e. those in the most need-based income level) and then in order based upon your application. Remember that this is not a process that includes CHA in deciding who gets scholarships. It is performed by the Children’s Tuition Fund. CHA receives notice when a scholarship has been granted.
Please feel free to contact Tim Dinkelman at (847) 446-5252 with any questions you may have. To learn more about this program, please scroll down to see the original post with links to apply.
Thanks for your continued support and partnership with CHA.
Redirect your Illinois State Taxes to Christian Heritage Academy
There is a new opportunity to receive a tax credit on your state income taxes beginning in 2018 and fund scholarships for CHA families. Please learn more NOW or consult your tax professional ASAP to learn about the benefits of the new Invest in Kids program.
Credits are limited, apply today.
Each year (through 2023) $51 million in tax credits is available. As of January 26, $15 million still remains. Once the maximum tax credits are reserved each year, the program is closed by the Illinois Department of Revenue. This scholarship program could help CHA grow enrollment and allow you to receive a tax credit on your Illinois tax liability.
Please follow the steps below and click the links in each step for supporting information:
- You will need a LETTER ID and ACTIVATE your MyTax Illinois account to claim your tax credits. The video below will also walk you through this process.
- Once you receive your Letter ID and Activate your account, you’ll need to REQUEST your tax contribution credits on MyTax Illinois.
- Once you reserve your tax credits, you will fund your CONTRIBUTION to the Children’s Tuition Fund of Illinois (ACSI’s Scholarship Granting Organization).
There is still time! Please contact Tim Dinkelman, 847 446-5252, for information, or email at email@example.com.