PEORIA, Ill. (WMBD)- The Invest in Kids Tax Credit Program expired on Dec. 31, 2023. What does this mean for funding for children attending private schools?
The Invest in Kids Tax Credit Program provided a 75% tax credit to those who sent funds to a Scholarship Granting Organization (SGO). Now that the program has expired, the incentive has been removed. Meaning, individuals can still send money to an SGO, but they will not receive any tax credit for doing so.
The scholarship program has allowed many students to attend Peoria Academy that normally wouldn’t have been able to attend, and without this program, it makes it much harder for families that don’t have the means to be able to pay tuition to have a choice in where they go to school." said Marissa Draney, Principal of Peoria Academy.
Individuals who have provided funds to an SGO within 2023 must claim that donation on their 2023 taxes, otherwise they can no longer claim the credit after this tax season. Any unclaimed or leftover credits will be used in the Invest In Kids Program until 2028.
Draney said they will do whatever they can in their means for current students to still attend.
"I think that it doesn’t allow families the option to be able to afford possibly coming to Peoria Academy… We will continue to provide education to all families that want to apply to Peoria Academy and offer them scholarships if we can," Draney said.
However, most private schools are non-profit organizations, meaning individuals can make monetary donations to private schools of their choice and receive a tax deduction.
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