New tax credit opportunity for Illinois donors
Illinois taxpayers should be aware of the new 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.
That means a qualified contribution of $100 to an approved endowed fund becomes eligible for a $25 income tax credit. A $1000 gift means a $250 credit, and $10,000 means $2,500, all the way up to the maximum gift of $400,000 per individual, which brings a $100,000 income tax credit.
Here are the simple steps to take advantage of this new incentive:
Sign up for a MyTaxIllinois account, apply for your credit, and receive authorization. This is a simple process; account activation can take up to 10 days.
Make your gift to the Community Foundation, claim your credit on your next tax return, and watch your community grow.
(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.
It’s important to act early. A limited number of tax credits are available each year, 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.
“This is a powerful opportunity for Illinois taxpayers,” said Anne Calder, Community Foundation vice president of development. “Your Community Foundation advocated for this incentive. It’s 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.
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.