- An individual or corporation will receive a 75 percent credit on donations to an SGO. For example, if a person donates $100,000, they will receive a state tax credit of $75,000.
- Individual donors can designate their donations to Village Leadership Academy.
- The credit can be rolled over for five years.
- Donors are prohibited from receiving a federal tax deduction for these donations.
- The program is capped at $100 million in donations, resulting in $75 million in total tax credits issued.
How to donate to a Tax Credit Scholarship?
- Create a MyTax Illinois account on mytax.illinois.gov. Anyone applying for a scholarship tax credit is required to have an account. If you do not have one, the first step is requesting a Letter ID from the Illinois Department of Revenue.
- Apply for a tax credit on mytax.illinois.gov. Donors will need to provide the following information:
- Region to which he/she plans to donate
- Name of SGO to which he/she plans to donate (VLA is partnering with Empower Illinois and Big Shoulder Fund)
- Amount he/she plans to donate
- Donate to the SGO within 60 days of receiving your application approval and the Contribution Authorization Certificate.
- Designate the donation to Village Leadership Academy.
- Provide certificate from the SGO to use tax credit when filing a 2018 return in 2019.
Applying for a Tax Credit Scholarship
The window to apply for a tax credit scholarship for the 2018/19 school year has closed. We will provide updates on this website when the applications open for the 2019/20 school year. In the meantime, to learn more about the tax credit scholarship application policy, including scholarship eligibility, click here.