Capitol Fax.com - Your Illinois News Radar » $36 million pledged for new scholarship program on first day
SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
$36 million pledged for new scholarship program on first day

Wednesday, Jan 3, 2018

* Peoria Journal Star

Jan. 1 may be the start of the new year, but Jan. 2 marks the start of a controversial new program that adds up to millions in tax breaks for Illinois residents and millions more in scholarships for private-school students.

If Illinois follows the history of other states, taxpayers will be up and online early Tuesday, snapping up a maximum of $75 million in tax credits available for making donations to the Invest in Kids Scholarship Tax Credit Program.

The tax credits, administered by the Illinois Department of Revenue, translate to as much as $100 million in scholarship donations to parochial and private schools throughout the state.

* Last week

“Many of my clients are very interested in it,” said Neil Kawashima, a tax attorney with McDermott, Will & Emery who counsels wealthy individuals and families. “Obviously [there’s] the philanthropic benefit of helping low-income children obtain scholarships for tuition to private schools and parochial schools, but also there are significant tax benefits as well.”

He expects all the tax credits the state has set aside could be claimed within “days” because there are annual online stampedes for the credits in other states with similar plans.

* Crain’s

And if other states are any indication, Illinois will want to brace for some serious interest: In Georgia, one of 17 others with a similar subsidy, all available tax credits have been snapped up by donors on New Year’s Day each year since 2015.

Illinois apparently ain’t Georgia.

* Governor’s office press release…

Illinois’ new Invest in Kids scholarship program — which gives low- to middle-income students opportunities to attend non-public schools that best meet their educational goals — attracted more than $36 million in pledged contributions on Tuesday, Jan. 2, the first day the state began accepting applications, Gov. Bruce Rauner announced today.

Taxpayers can contribute up to $1.3 million to eligible organizations and receive an income tax credit equal to 75 percent of their approved contributions. The state caps total yearly contributions at $100 million.

“When we unleash the power of private-sector investment incentives like Invest in Kids, great things are possible,” Rauner said. “Within its first hour of going live, more than one-third of all Invest in Kids contributions have been allocated for the 2018 tax year. This outpouring of generosity is truly a testament to the many Illinoisans who believe in offering students and their families a choice in their education.”

Taxpayers wishing to contribute to Invest in Kids may apply online through MyTax Illinois, the Illinois Department of Revenue’s free online account management program.

Individuals and businesses must apply to the Illinois Department of Revenue to obtain Contribution Authorization Certificates that permit them to make authorized contributions to one of the approved scholarship granting organizations. Those organizations, in turn, provide scholarships for eligible Illinois students to attend qualified non-public schools in Illinois. The application process ensures equal access to the $75 million in tax credits available each year.

- Posted by Rich Miller        

26 Comments
  1. - Oswego Willy - Wednesday, Jan 3, 18 @ 2:43 pm:

    When you misled a Catholic Cardinal, you’d hope to make it up somehow.

    Rauner wants that $100 million to offset HB40

    Raunerism has a price for everything.


  2. - wordslinger - Wednesday, Jan 3, 18 @ 2:44 pm:

    Looks like football and basketball recruiting in the Catholic League is off to a fast start.


  3. - Grand Avenue - Wednesday, Jan 3, 18 @ 2:46 pm:

    With the SALT capped and the standard deduction doubled, the federal tax advantages of charitable contributions are a lot less in 2018 than 2017, except for really big givers (because a lot fewer people will itemize and if you don’t itemize, no charitable deduction).


  4. - Piece of Work - Wednesday, Jan 3, 18 @ 2:53 pm:

    Grand, good people give to charities because it is the right thing to do. You don’t give $100 to save $10+, you do it to help people in need.


  5. - OK - Wednesday, Jan 3, 18 @ 3:01 pm:

    Pierce -

    Try give $100 to save $75.

    And maybe a federal tax benefit on top of that if they structure it the right way.


  6. - Texas Red - Wednesday, Jan 3, 18 @ 3:08 pm:

    This will open up educational choice to low/middle income families that happen to live in failing school districts.


  7. - Nick Name - Wednesday, Jan 3, 18 @ 3:23 pm:

    How many AFSCME families would be able to contribute if only Rauner had complied with the tolling agreement and paid step increases?


  8. - Huh? - Wednesday, Jan 3, 18 @ 3:27 pm:

    Anyway to find out who has made the donations?


  9. - Nick - Wednesday, Jan 3, 18 @ 3:34 pm:

    Any way to find out which schools?


  10. - Sue - Wednesday, Jan 3, 18 @ 3:44 pm:

    Nick Name- I am sure that’s just what your Union breatheren would be using the step increases for


  11. - Nick - Wednesday, Jan 3, 18 @ 3:47 pm:

    Sue

    I bet they’d be more apt to make more charitable gifts whether it be to the scholarship program or other worthy causes


  12. - Demoralized - Wednesday, Jan 3, 18 @ 4:00 pm:

    ==This will open up educational choice to low/middle income families that happen to live in failing school districts.==

    Only if you live in an area where there are choices. And only if you get picked - because, you know, private schools get to pick who they want to come in.


  13. - Demoralized - Wednesday, Jan 3, 18 @ 4:00 pm:

    ==Union breatheren==

    Sigh. New year. Same union hate.


  14. - Lucky Pierre - Wednesday, Jan 3, 18 @ 4:00 pm:

    This could not have passed without good Irish Catholics Mike Madigan and John Cullerton also wanting to make it up to the Cardinal OW.


  15. - Texas Red - Wednesday, Jan 3, 18 @ 4:08 pm:

    “Any way to find out which schools?”

    http://www.revenue.state.il.us/InvestInKids/ISBE_Registered_Schools_AtoZ_and_by_County.pdf


  16. - illini - Wednesday, Jan 3, 18 @ 4:13 pm:

    Unfortunately, as I understand it, the new tax laws will potentially have a negative impact on monies that many private, and public, Universities have come to expect for their endowments. Higher Ed could take a real hit that will impact the financial aid they can offer prospective students.


  17. - Anonymous - Wednesday, Jan 3, 18 @ 4:43 pm:

    What happens to the money I’ve donated if my kid doesn’t get into a private school?


  18. - SAP - Wednesday, Jan 3, 18 @ 4:55 pm:

    ==Looks like football and basketball recruiting in the Catholic League is off to a fast start.== I’d like to make an early nomination for comment of the year.


  19. - Sue - Wednesday, Jan 3, 18 @ 6:08 pm:

    Demoralized- considering what public sector unions have done to Illinois- I have a lot of company. Perhaps you don’t mind seeing our State destroyed and people leaving by the bus load


  20. - Demoralized - Wednesday, Jan 3, 18 @ 7:05 pm:

    ==Perhaps you don’t mind seeing our State destroyed==

    Perhaps I don’t blame unions for all of the ills in the state. But then again I’m not a hater looking for a single scapegoat for everything.


  21. - Lucky Pierre - Wednesday, Jan 3, 18 @ 8:04 pm:

    I think we know who would win the majority vote to be the single scapegoat for all of Illinois problems


  22. - Ariel - Wednesday, Jan 3, 18 @ 8:35 pm:

    You get the best Web advertising and marketing options. http://www.thekitchenactivist.com/best-ecommerce-software-review-as-well-as-contrast-buying-cart/


  23. - wordslinger - Wednesday, Jan 3, 18 @ 10:32 pm:

    –This could not have passed without good Irish Catholics Mike Madigan and John Cullerton also wanting to make it up to the Cardinal OW.–

    LOL, it was a chi-chi bean face-saving out for Rauner to get the schools open.

    The man made a fool of himself in front of the cameras claiming that his veto of the “Chicago bailout bill” could be sustained by a “simple majority.” He demonstrated that he literally did not have a clue about his job.

    His deer-in-the-headlight flop-sweat when he was called on it marked the end of the media’s kid-glove treatment.

    As a white male, I believe that was BTIA’s(TM) signature moment.


  24. - Oswego Willy - Wednesday, Jan 3, 18 @ 10:41 pm:

    ===This could not have passed without good Irish Catholics Mike Madigan and John Cullerton also wanting to make it up to the Cardinal OW.===

    Did Cullerton or Madigan lie to the Cardinal?

    Blase Cardinal Cupich only listed Rauner fibbing to him.

    Good try, thou.


  25. - http://www.cnhadan.cn - Thursday, Jan 4, 18 @ 5:27 am:

    Amazon Web Providers is an Equal Alternative Employer. http://www.cnhadan.cn/comment/html/?45260.html


  26. - Whatever - Thursday, Jan 4, 18 @ 8:31 am:

    OK and Grand Avenue — the credit is allowed for these contributions only if the contributor does NOT claim a federal income tax deduction for the contribution.


Sorry, comments for this post are now closed.


* I've just never seen anything like this
* Pritzker then and now
* Oppo dump!
* Another former Pritzker campaign worker comes forward as the spin cranks up
* HB40 backstory: A preemptive strike and throwing Norwood under the bus
* Pritzker sets national campaign finance record
* New Cook County IG report raises more questions than it may answer
* Keep your fingers crossed
* *** UPDATED x1 - ILGOP responds *** Bombshell discrimination lawsuit called "offensive" and "baseless" by Pritzker campaign
* SUBSCRIBERS ONLY - Supplement to today's Capitol Fax
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* *** LIVE COVERAGE ***
* Erika Harold reports $1.5 million contribution from Ken Griffin, $100K from Jennifer Pritzker
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............
<


Loading


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress




Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller