Illinois Gives Tax Credit Program
Illinois taxpayers should be aware of the Illinois Gives tax credit program, which offers donors a 25% Illinois income tax credit incentive when they make a gift to an eligible endowment fund at the Quad Cities Community Foundation.
This powerful opportunity for Illinois taxpayers is designed to help donors maximize their tax benefits while leaving a lasting legacy for this region. Gifts made through this program will have immediate personal tax benefits and will help to secure sustainable funding for Illinois nonprofits and causes.
It’s important to act early. Endowment tax credits are claimed fast, so the earlier in the year a gift is made, the more likely a tax credit will be available. Community Foundation staff are ready and able to help guide donors through the entire process.
Here are the simple steps to take advantage of this incentive:
Request a Letter ID. This is a simple process; account activation can take up to 10 days.
Sign up for a MyTaxIllinois account, apply for your credit, and receive authorization. (Optional and appreciated) Let a member of the Community Foundation development team know of your Illinois Gives application and pending gift at development@QCCommunityFoundation.org or 563-326-2840.
Make a qualified donation to an endowment fund that benefits Illinois residents.
Once you receive notification that your donation has been verified, download your Contribution Authorization Certificate. Be sure to use this certificate when filing your state income tax return.
Individuals are limited to $100,000 in tax credits per year for a $400,000 gift, and a couple is limited to $200,000 in tax credits per year for a $800,000 gift (if both are Illinois taxpayers). If you cannot use the entire tax credit in this year, you can carry it over for up to five years. The tax credit is not transferable.
The Illinois Gives Tax Credit Program remains open until all income tax credits have been exhausted in the calendar (credit) year. Once the income tax credits have been exhausted for that credit year, the application process will close and reopen once the new year's allocation is released.
To learn more about this incentive and all the ways you can give, contact a member of the Community Foundation Development Team at development@QCCommunityFoundation.org or 563-326-2840.