ST. LOUIS (KMOX) – The Illinois Department of Revenue is getting ready to roll out the state’s new tax-credit scholarship program.
The Invest in Kids Act lets individuals and businesses take a tax credit for money donated to help low income students go to private school. Department of Revenue spokesperson Terry Horstman says the program officially begins January 2nd.
“To apply, individuals and businesses must report their intention to make an authorized contribution to an approved scholarship granting organization. The Department of Revenue is authorized to issue up to 75 million in Invest in Kids tax credits per calendar year, beginning in 2018 for taxes filed in 2019,” he says.
The amount of the tax credit will depend on which region of the state you’re sending your donation to. There are more details at mytax.illinois.gov .