As of January 1, 2025, Illinois donors can now receive a 25% state income tax credit for gifts made to eligible permanent endowment funds at Qualified Community Foundations.
Galesburg Community Foundation is proud to be approved by the Illinois Department of Revenue as a Qualified Community Foundation, as required for the Illinois Gives Tax Credit Act.
“This tax credit highlights the critical role Illinois Community Foundations have in building endowment resources that can support our local communities for generations to come,” said Joshua Gibb, President and CEO. “We are excited to partner with our donors, offering them not only a chance to support their community but also a tax benefit.”
Donors can receive a tax credit of 25% of the eligible gift—up to a maximum of a $100,000 credit for a $400,000 gift per taxpayer.
“There’s no better time to invest in the future of our community than now,” added Sarah Grant, Director of Development at Galesburg Community Foundation. “The Illinois Gives Tax Credit is a fantastic opportunity for donors to make a lasting impact while benefiting from tax savings. We encourage anyone that is interested to reach out to us for guidance on how they can make a gift to one of our many eligible permanent endowment funds.”
To take advantage of the Illinois Gives Tax Credit, donors must register with MyTax Illinois and apply for a Contribution Authorization Certificate (CAC) through their MyTax account before making an eligible gift. A limited number of dollars are available for this program each year.
For assistance with the process, or to learn more about the program, visit yourgcf.org/illinoisgives or contact Josh Gibb or Sarah Grant at 309-344-8898.
