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Invest in Kids
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 offered a 75 percent income tax credit to individuals and businesses that contribute to qualified Scholarship Granting Organizations (SGOs).
The SGOs then provided scholarships for students whose families met the income requirements to attend qualified, non-public schools and technical academies in Illinois.
The Invest in Kids Tax Credit Program expired on December 31, 2023.