Congress Passes Consolidated Appropriations Act, 2021
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:
Don't Miss Out on the Invest in Kids Illinois Income Tax Credit
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.
Get an Identity Protection PIN (IP PIN)
Concerned about identity theft when filing your tax return? The IRS has rolled out a new online Identity Protection PIN program. All taxpayers are now eligible for this voluntary program.
Vote No on Illinois' Proposed Amendment to Implement a Graduated Income Tax
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.
