Exciting news from the Catholic Conference of Illinois

The Catholic Conference of Illinois was excited that the three pieces of legislation they were supporting were passed. Two of them specifically help our school families. They are:

1. Beginning this year, the education  expense tax credit will be increased from $500 to $750. As a reminder, the credit is for tuition, books, lab fees and can be claimed for 25% of expenses over $250. So, one would have to spend $3250 in a calendar year on tuition, book and lab fees to claim the whole credit. In addition a means’ test has been added to the education expense tax credit. Individuals making over $250,000 and joint filers making over $500,000 will not be able to claim the credit.

2. Read the attached explanation of Illinois’ new tax credit scholarship program. This is set to be up and running by January 1st. The goal is to have it available for families to possibly apply for for this school year, but it will definitely be available for next school year.

Tax Credit Scholarship Program