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Extended through the 2023 Tax Year!
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Reduce Your Illinois Income Taxes and
Help Fenwick Students!
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During the spring legislative session in Springfield, proposed legislation to significantly reduce the benefits of the Illinois Tax Credit Scholarship (IL TCS) program – making it less advantageous for taxpayers to contribute and ultimately leaving fewer funds available for deserving students/families who value private education – was defeated. Thanks to the persuasive efforts of many students and families, school administrators across the state, and Illinois taxpayers who favor school choice, our state politicians got the word that this is a program that is good for Illinois families!
Working with the state’s two largest SGOs, Empower Illinois and Big Shoulders Fund, Fenwick played a prominent role in the efforts to quash the proposed legislation to change the program:
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- Two Fenwick families appeared in a video praising the IL TCS program, which was shown across the state and to many legislators.
- Fenwick hosted a meeting in April with State Senate President Don Harmon and several principals from local grade schools to argue to improve the program and make it permanent.
- Fenwick participated in multiple conference calls with school administrators and other stakeholders statewide to discuss and implement the strategy in these lobbying efforts.
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| These efforts paid off! Not only did the 75% state tax credit remain in place, but the original sunset provision for the program was extended from December 31, 2022, to December 31, 2023! Of course, that’s not the endgame. Further work will be required to continue to impress upon our lawmakers that this program is very important for Illinois families and should be made permanent.
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| Huge Benefit to Fenwick Students and IL Taxpayers!
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In the three full school years (‘18-‘19, ‘19-‘20, ‘20-’21) that the program has been in place, the most deserving Fenwick students have received:
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- 155 grants totaling $1,930,895.35
- 100+ individual students have received grants (some in multiple years) averaging $12,457 per school year
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Including contributions in late 2020 and so far in 2021 that will “rollover” to the ‘21-’22 school year, since program inception Fenwick supporters have contributed:
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- 173 gifts to Fenwick students from 82 individual donors (some in multiple years)
- $2,511,028 in total contributions ($2,358,477 net to Fenwick students after the 5% SGO fee), saving taxpayers $1,883,271 in Illinois state income taxes
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You can still “pay” your Illinois income taxes in 2021 by contributing to the Illinois Tax Credit Scholarship program as follows:
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- Make a contribution to a scholarship granting organization (SGO) like
Big Shoulders Fund or Empower Illinois. - Direct your contribution to Fenwick.
- Get a 75% state income tax credit (not a deduction, a credit!) for the amount of your contribution.
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The stock market is still trading near all-time highs! Take advantage of double tax savings by contributing long-term appreciated stock to an SGO (thus avoiding capital gains tax), direct your gift to Fenwick, and receive a state income tax credit of 75% of the amount of your gift! If you do not use all your tax credits in 2021, you can roll them forward for up to five years!
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| “I …felt confident that if she was going to Fenwick, it was going to be a life-changing thing for her, and it has been.” – Fenwick father speaking of his daughter, a recipient of a grant through the IL TCS program.
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For more information about the Illinois Tax Credit Scholarship program, please see either of the above SGO websites, the link below, or contact Chris Ritten, V.P. of Institutional Advancement, at Fenwick: 708-948-0350, critten@fenwickfriars.com.
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Fenwick High School does not provide tax or legal advice. Please consult your tax/legal advisor before making any contribution through the IL tax credit scholarship program.
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Fenwick High School is owned and sponsored by the Dominican Friars of the Province of St. Albert the Great headquartered in Chicago, Illinois.
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