Donations have even more impact in 2020/21, there is a 2-for-1 matching gift program. This means for every dollar designated to
St. Benedict School through the Empower Illinois between Dec. 1, 2019 and Feb. 29, 2020, the school will receive two dollars in matching funds.
INVEST IN KIDS ACT
Why pay taxes to Illinois, when you can get a state tax credit by making a donation to St. Benedict School?
What is it?
Through the Invest in Kids Act, the state of Illinois has created a new way to fund scholarships for children from low-income households who want to attend private schools. The tax credit scholarships (TCS) offered through this program could cover up to 100 percent of tuition and fees for eligible students in grades K-8. St. Benedict School is an eligible private school. Empower Illinois is our preferred Scholarship Granting Organizations (SGO). Families apply directly to SGOs to obtain a TCS.
WHO BENEFITS FROM THE SCHOLARSHIPS AT ST. BENEDICT SCHOOL?
Scholarship amounts will vary based on the student’s household income and be limited to the lower of actual tuition and fees for the student’s school, or the statewide average expense per student among public schools (currently $12,280).
Students from households that are lower than 185 percent of the federal poverty level receive 100 percent of tuition and eligible fees, dependent upon the funds received by the state.
Students from households that are 185 percent to 250 percent of the federal poverty level will receive 75 percent of tuition and eligible fees through the scholarships, dependent upon the funds received by the state.
Students from households that are 250 percent to 300 percent of the federal poverty level will receive 50 percent of tuition and eligible fees through the scholarships, dependent upon the funds received by the state.
WHAT IS THE BENEFIT TO A ST. BENEDICT SCHOOL DONOR WHO LIVES IN ILLINOIS?
An individual donor will receive a 75% of their fulfilled pledge, beginning January 1, 2020. See MyTax.Illinois.gov
For example: If the donor commits to $1,000 on or after January 1, 2020, they will receive a Tax Credit Certificate of $750 for the 2020 tax year within 30 days of fulfilling their commitment.
Individual donors can direct their donations to St. Benedict School (Blue Island) through Empower Illinois SGO.
The credit is non-refundable but can be carried forward for five years (through 2022)
Donors are prohibited from receiving a federal tax deduction for these donations
WHAT IS THE PROCESS FOR A DONOR?
TAX CREDIT RESERVATIONS ARE AVAILABLE UNTIL THE $100 MILLION DONATION CAP HAS BEEN REACHED: You should activate your MyTax Illinois account AS SOON AS POSSIBLE. To do this, you will need to obtain an individual “Letter ID” from the Illinois Department of Revenue (IDOR), this may take up to 8 days to receive in the mail from IDOR. To activate your account you should click the “Sign up Now” button on MyTax.Illinois.Gov and follow the prompts. You will need your Letter ID, the primary taxpayer’s SSN and either your Illinois Driver’s License Number OR Illinois state ID number OR Adjusted Gross Income from 2016. Using your information, you will be able to look up your “IL-PIN”. Use your IL-Pin and Letter ID, you should be able to set up your username and password and activate your account.
UNTIL THE TAX CREDITS ARE EXHAUSTED, taxpayers in Illinois will be able to reserve a tax credit on the IDOR website –
To reserve your tax credit, you will need to designate Region 1 (Cook County), and we encourage you to choose the Empower Illinois SGO or the Big Shoulders Fund SGO to receive your eventual contribution within 60 days of your commitment. While making your tax credit reservation, the state will NOT ask you for the high school name. You can designate Guerin College Prep HS when you go to the SGO website to make your pledge contribution.
After a donor reserves their tax credit, they will have 60 days to donate the amount they reserved to the Scholarship Granting Organization. Guerin Prep strongly encourages you to choose Empower Illinois SGO or Big Shoulders Fund SGO to make your contribution. If a donor reserves a tax credit, and then does not donate OR gives less than they indicated to the IDOR, they will NOT receive ANY tax credit.
Tax Credits will be available on a first-come-first-served basis beginning January 1, 2019 and will extend until the tax credits are exhausted.
WHEN CAN I SUBMIT AN APPLICATION TO BE APPROVED FOR THE TAX CREDIT?
The tax credit application will be available through MyTax Illinois on January 1, 2020 and tax credits will be awarded on a first-come, first served basis.
WHAT DO I NEED IN ORDER TO CLAIM MY TAX CREDIT?
Once approved, taxpayers are issued a Contribution Authorization Certificate (CAC) by the IL Department of Revenue. Within 60 days, you must provide a copy of this CAC, along with your full contribution to the SGO. The SGO will then issue you a Certificate of Receipt (COR) within 30 days of receiving your contribution.
WHAT IF I DON’T NEED ALL OF MY TAX CREDIT?
Any credit amount that exceeds your tax liability for the year may be carried forward and applied to your tax liability in the subsequent five taxable years. Credits are applied to the earliest year from which there is a tax liability. Credit cannot be carried back to a prior tax year.