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Parents are informed of two new Illinois Programs. The first is called the Illinois Scholarship Tax Credit. In this tax credit program, the taxpayer can make a donation in the amount owed to a nonprofit organization (like St. Mary School) – sometimes referred to as a Student Tuition Organization, or STO – which then takes that money, packages it as a scholarship and gives it to parents to use at private or parochial schools. This program is for people looking to donate scholarships to St. Mary School as a way to get tax relief/benefits.
The second is the Private School Tax Credit Scholarship. In order to participate in this program the parent/custodian to the student must:
- Select a qualified school (like St. Mary) and apply for admission
- Comply with the qualified school’s published policies; and
- Apply for the scholarship through the Scholarship Granting Organization
- Authorize the Scholarship Grant Organization to access information needed for income eligibility determinations.
Illinois has created on large pot of money for the Private School Tax Credit Scholarship that will be available to qualified participants starting January 1, 2018. The scholarships will be granted on a first come basis. There will be a huge amount of Illinois citizens in Chicago applying for these funds. It is important for individuals who qualify to submit their applications early.
There is a great deal of uncertainty and questions surrounding both of these programs. Principals received supporting information at a meeting yesterday, which is posted here on our school website. In addition, there are several parent information meetings taking place around the Diocese of Belleville for those seeking additional explanations. Please take an opportunity to review both of these new Illinois programs, which directly benefit Illinois private schools (like St. Mary).