Congress Passes Consolidated Appropriations Act, 2021
In what has become an annual tradition, in late December Congress passed more late-year legislation. Here are the highlights:
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.