The General Assembly has enacted the Illinois Gives Tax Credit (“Illinois Gives”).
Illinois Gives will incentivize up to $100 million in new charitable giving over the next 5 years by authorizing a 25% state income tax credit for charitable donations to eligible permanent endowments managed by dozens of qualified community foundations across Illinois. The program will be administered by Illinois Department of Revenue (IDOR) and begins 1/1/25.
Endowed funds at community foundations provide a predictable source of revenue for a wide range of nonprofit organizations. “By incentivizing endowment gifts through Illinois Gives, we are creating a permanent funding stream to sustain our nonprofits for generations to come,” said Joshua Gibb, President & CEO, Galesburg Community Foundation and President, Alliance of Illinois Community Foundations President.
Similar tax credit programs in other states have increased both the number of donors and total charitable dollars given.
Taxpayers eligible for Illinois Gives include individuals, corporations, partnerships, trusts, and estates. For individual taxpayers, Illinois Gives provides new tax relief for those who do not itemize their taxes.
“We’re excited to provide more information to our donors and local professional advisors in the months ahead about how they can support their favorite nonprofits with endowments at Galesburg Community Foundation while also taking advantage of this new tax credit,” commented Sarah Grant, Director of Development at Galesburg Community Foundation.
Detailed information about this program will be forthcoming in the months ahead.
