Important News - The expiration date of the Invest in Kids Scholarship Tax Credit Program was December 31, 2023. Contributions made to a Scholarship Granting Organization (SGO) after December 31, 2023, will not be eligible for a tax credit. See Informational Bulletin FY 2024-17 for more information.
An Invest in Kids tax credit must be claimed in the tax year that the contribution was made. Any Invest in Kids tax credit not fully used in the year it was first claimed may be carried forward for the next five tax years, even if the five-year carry forward period is past the expiration date. For example: If a calendar year filing taxpayer makes an eligible contribution to an SGO in 2023, the tax credit must be claimed on the 2023 tax return. Any excess credit not used on the 2023 tax return may be carried forward until 2028.
Illinois enacted the Invest In Kids Scholarship Tax Credit Program in 2017.This program offers a 75 percent income tax credit to individuals and businesses that contribute to qualified Scholarship Granting Organizations (SGOs).
The SGOs then provide scholarships for students whose families meet the income requirements to attend qualified, non-public schools and technical academies in Illinois. Learn more about the income tax credit scholarship program’s funding, eligibility, benefits and regulations. Click here for Invest in Kids Frequently Asked Questions.
Important Dates to Remember
January 31, 2024
A Scholarship Granting Organization (SGO) must report by January 31 of each calendar year. Requirements
Public Act 102-0016 amended the Invest in Kids Act to allow contributions to be made for scholarships to qualified technical academies in addition to other qualified non-public schools. The Act also extended the tax year taxpayers may take a credit to tax years ending before January 1, 2024. For further information, see 35 ILCS 40/1 et seq.