What is the benefit to a donor?

An individual or corporation will receive a 75% credit on their donation to an SGO. This means that if a donor donates $10,000, they will receive a state tax credit of $7,500.

Tax credits by both individual and corporate donors are capped at $1 million.

Individual donors can direct their donations to Saint Viator through the SGO.

Corporate donors cannot designate their donation to any particular school.

Donors are prohibited from receiving a federal tax deduction for these donations.

As a donor, what is the process?

Beginning in January, individual and corporate donors will be able to reserve tax credits through the My Tax Illinois website. The Illinois Department of Revenue is advising that you set up an account on the My Tax Illinois website as soon as possible if you do not already have one; it can take up to two weeks to get the account activated, so do NOT wait to try to set up an account. (Please click on this link for simple directions on how to set up your My Tax Illinois account). Based on the experience of similar programs in other states, the tax credits are claimed very quickly, in some instances within minutes. We recommend you plan on making your tax credit reservation as early as possible.

After a donor reserves their tax credit, they will have 60 days to donate the amount they reserved to the SGO of their choice. The Archdiocese of Chicago is recommending Saint Viator High School donors work with Big Shoulders Fund or Empower Illinois (view flyer for Big Shoulders Fund). For individuals, you may request to the SGO that your contribution be directed to Saint Viator High School.

After donating, the donor will receive a certificate of receipt from the SGO indicating a donation was made. The SGO will notify the IL Department of Revenue that a donation was made.

If a donor does not donate or gives less than they indicated to the IL Department of Revenue, they will not receive ANY tax credit.

The Illinois Department of Revenue has updated their website with additional information on this program. For more details, see tax.illinois.gov

 

Steps to Donate to Invest in Kids Program & Designate St. Viator High School

Three Step Process:

1. Obtain letter with My Tax Illinois Account and activate it through the My Tax Illinois website.

2. Reserve your Tax Credit at the My Tax Illinois website:

  • Click on the "Individuals" tab at the top of the page
  • Then under “Miscellaneous” click the Invest in Kids Program link and follow directions from there
  • When done you will receive a confirmation email. Three days after that you will receive a Contribution Authorization Certificate (CAC form) that you will need for the next step.

3a. Use your CAC form to donate through Big Shoulders Fund

3b. Use your CAC form to donate through Empower Illinois

  • Go to Empower Illinois website, and go to the ‘Donors’ page
  • Click on the Donate link
  • Choose either ‘Donate by Check’ or ‘Donate Online
  • Follow the directions from there – remember St. Viator is in Region 1
  • Please note that we are listed as St. Viator – Arlington Heights