Plan now to secure Illinois tax credit in 2025

Starting in 2025, Illinois taxpayers will now be eligible to receive the 25% Illinois Gives Tax Credit (“Illinois Gives”). Illinois Gives incentivizes new charitable giving made to Quad Cities Community Foundation endowment funds that permanently benefit Illinois charities and scholarships for Illinois students.

The new Illinois tax credit officially takes effect beginning January 1, 2025. Donors are encouraged to start working with the Community Foundation now to take advantage of this giving opportunity.

There are a limited number of state dollars appropriated to support the tax credit, so contributing early in the year is the best way to secure this incentive.

While state partners will continue to work in the new year with the Alliance of Illinois Community Foundations on the credit application process, the Community Foundation is creating a list of interested donors and will track all eligible gifts beginning January 1, 2025, to help donors navigate the tax credit application process.

“Your Community Foundation was a strong advocate for this legislation,” said Anne Calder, Community Foundation vice president of development. “The new tax act recognizes the influence of Illinois community foundations and the importance of building up endowment resources to sustain our local communities. We are ready to field questions about the Illinois Gives tax credit and bring donors through the giving process in a way that benefits them and their community.

Illinois Gives tax credits are only available through National Standards-qualified community foundations like the Quad Cities Community Foundation. Donors 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 individual/company or a $200,000 credit for a $800,000 gift per couple each year.

Learn more about Illinois endowment tax credit-eligible giving by contacting Calder at annecalder@QCCommunityFoundation.org or 563-326-2840.