Taxpayers wishing to participate in Illinois’ income tax credit scholarship program, Invest in Kids, on January 2nd are strongly encouraged to register for a free MyTax Illinois account today.
The Invest in Kids (IIK) application process for taxpayers seeking to make a qualified contribution is only available online through MyTax Illinois. Completion of MyTax Illinois registration requires security authentication via mail, so applicants should allow 7-10 days to complete setup of their MyTax Illinois account.
“We cannot stress it enough, if you do not have a MyTax Illinois account and want to participate in Invest in Kids on its opening day, don’t delay in setting one up,” said Connie Beard, Illinois Department of Revenue Director. “It’s the only way to ensure you will be on the ground floor when this new program opens.”
Beginning January 2, 2018, MyTax Illinois will begin accepting applications from individuals and businesses who wish to obtain an income tax credit equal to 75% of their approved contribution. To apply, individuals and businesses must report their intention to make an authorized contribution to an approved Scholarship Granting Organization (SGO). The SGOs, 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 IIK tax credits available each year.
For more information on the IIK income tax credits, including bulletins, FAQs, and a list of approved SGO’s, please visitInvestinkids.illinois.gov. A YouTube video is available on the website to assist taxpayers with MyTax Illinois registration. Questions may be emailed to: [email protected].