The application period for the Illinois Tax Credit Scholarship (TCS) is quickly approaching!
If you are interested in applying for this scholarship for the 2023-2024 school year, mark your calendars for the following dates:
Please note: This is ONE scholarship with TWO different ways to apply. We highly recommend applying through both organizations, Big Shoulders Fund and Empower Illinois, to increase your chances of receiving the scholarship.
Don't miss this opportunity to receive financial assistance for your child's education at St. Pius V or any Catholic school in the Chicago area. We encourage all interested families to apply.
For more information, visit the websites for
Big Shoulders Fund: https://www.bigshouldersfundsgo.org/ and
Empower Illinois: https://empowerillinois.org/apply/how-do-i-apply/.
Please keep in mind that the TCS application process is time-sensitive, so submitting your information exactly when the application opens is crucial. Be ready with all of your application materials at the moment the applications open to maximize your chances of receiving the scholarship.
The Illinois Tax Credit Scholarship Program, made possible by the Illinois Invest in Kids Act, provides donors a unique opportunity to contribute to scholarships that help lower-income families send their children to private schools — while reducing their own tax bill on dollars otherwise owed to the state.
The program enables individuals and corporations to reserve Illinois income tax credits based on contributions made to SGOs. The organizations then provide scholarships for eligible students to attend nonpublic schools, with priority given to low-income students. Taxpayers may apply 75 percent of the total contributed as a tax credit against their Illinois income tax bill. For example, a taxpayer making a $1,000 qualified contribution would be awarded a $750 tax credit. The credits are capped at $1 million per taxpayer per year.
Donors who are new to the program: Go to mytax.illinois.gov to create a MyTax Illinois account. As part of the process of creating an account, you must request a “Letter ID” from the Illinois Department of Revenue via the "Individuals" menu on MyTax Illinois, which will be sent via U.S. mail within 7 to 10 business days. Once you receive the “Letter ID,” you will be able to create an account. Taxpayers who will be participating for the first time in 2022 should request the “Letter ID” now to avoid processing delays. The credits are awarded on a first-come, first-served basis and donors must have a MyTax Illinois account in order to reserve credits. For more information on how to create a MyTax Illinois account, click here.
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