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Invest in Kids Act

Interested in Supporting Hope Students

and Receiving a State Income Tax Credit?   

Find out about the Invest in Kids Act!

 

What is this program?

The Invest in Kids Act is a Tax Credit Scholarship Program that allows donors to designate funds

to Private Educational Institutions, like Chicago Hope Academy, and in return receive a 75% Tax

Credit on their 2018 State Income Taxes.

 

When do you receive the credits?

When you file for your taxes in 2019, the state will honor your donation and credit. Example: if

you give a $100,000 donation in 2018, you will receive $75,000 in Tax Credits during filing in

2019.

 

How many credits are available?

Illinois is allowing $100 million in donations. This equates to $75 million of tax credits. These

credits are available to individual and corporate donors. Cook County, or Region 1 of the State,

has a limit of $51,220,000 in donations available. As of July 31, 2018—Cook County still has

over $18,000,000 available contributions.

 

What is the maximum donation amount?

The maximum creditable donation is $1 million for an individual or corporation → $750,000 in

tax credits max per individual or corporation. Individual Donors can designate a specific school such as Chicago Hope Academy. Corporations cannot.

How do I apply for the credits?

Go to: https://mytax.illinois.gov/_// and create an account.

To create an account you will need an Illinois Letter ID (used for estimating your state taxes, but

if you do not have one, you can request it). Applying for the Illinois Letter ID takes 3-4 minutes,

but it takes the Illinois Department of Revenue 7-10 business days to mail it. Once you have an

Illinois Letter ID, you can create an account on MyIllinois Tax. Subsequently, apply to receive

tax credits through specific SGO’s. Approved donors must submit their donations to the

chosen SGO no later than 60 days after approval of tax credits.

 

What are SGO’s?

SGO’s are Scholarship Grant Organizations which function to receive donations and grant

scholarships to students. They serve as the conduit between donors and schools and issue

receipt of donation so Donors receive their credits in 2018.

 

Which SGO will Hope be working with?

Chicago Hope Academy is going through HighSight SGO. This is their website: HighSight.org

 

 

Detailed Instructions with screenshots are included below.

Illinois Letter ID Steps

Register and Apply

 

For Questions: Contact Peter Dukes at: pdukes@chicagohopeacademy.org or (312) 491-1600