Beginning with tax year 2018, Illinois taxpayers who are approved to participate in the Invest in Kids program can receive a state income tax credit in the amount of 75% of their total qualified contributions made to one or more Scholarship Granting Organizations (SGOs) during a taxable year. These income tax credits cannot exceed $1M per taxpayer, per year. If you claim this tax credit, you cannot claim any portion of the contribution as a federal income tax deduction.
On November 3, 2020, you and I will have the opportunity to significantly impact Illinois’ fiscal destiny and, as a result, your fate, and that of your neighbors. Yes, it is a heavy responsibility that has been thrust upon us. This will be one of the most important votes we ever cast. Given this importance, I have set out to educate you before you cast your ballot.