News

Tax Credit Scholarship Program

Did you know that a state tax credit can also be a scholarship opportunity for a OLW student? The Invest In Kids program gives donors an actual tax credit on their state tax bill. RIGHT NOW, there is a 2-1 match for all donations – up to $50,000 per school and as long as the funds are available.

This is an important program for OLW; in this school year of 2021-2022, OLW awarded $111,000 that provides scholarships for 19 students because of this program.

HOW IT WORKS for OLW:

• For every $1 designated to OLW through Invest in Kids, we can receive $2 in matching funds, up to $50,000 per school.
• The program will end on February 28, 2022 or when all matching funds have been depleted, whichever comes first.

A donation of $5,000 gets matched and becomes $15,000 for scholarships at OLW. After the tax credit, the net payment from the donor is $1250.

A donation of $1,000 gets matched and becomes $3,000 for scholarships at OLW. After the tax credit, the net payment from the donor is $750.

HERE’S HOW TO GET STARTED:

There are a few steps to get started, but it is worth it. Specific directions are on the school website. This is the important information that you need to know.

1. First, you need to create a “My Tax Illinois” account at mytaxillinois.gov and receive a ‘Letter ID’ which takes 7-10 days to receive.
2. After you receive the ‘Letter ID,’ return to mytaxillinois.gov and click “Sign up Now!’ to create an account.
3. You need to apply for the tax credit at mytax.iilinois.gov and wait for a “Contribution Authorization Certificate” in your email.
4. Visit EmpowerIllinois.org to pledge your donation and designate Our Lady of the Wayside School.
5. Your donation must be made within 60 days of receiving the certificate and it must be via check – CC donations are not allowed.
6. The tax credit is applied when you file your taxes.

For questions or for help in setting up an account, contact David Wood, Principal, at dwood@olwschool.org or Danielle Kenney, Development Manager at dkenney@olwschool.org. School office is 847-255-0050