Looking for a way to reduce your tax liability? The Illinois Gives Tax Credit Act provides a sizable tax credit to donors contributing to endowed funds at qualified charitable community foundations with national accreditation, like the OPRF Community Foundation.
When you give to a qualifying permanent endowment fund, you may be eligible for an Illinois state income tax credit equal to 25% of your gift. For example, a $10,000 qualifying gift could generate a $2,500 state tax credit.
“Permanent endowment funds at community foundations are an important layer of financial stability for our nonprofit sector; they offer a vital and reliable source of funding for operational needs, capital funding, and ongoing programs,” said Carrie Summy, Foundation president and CEO. “Many nonprofits are struggling due to economic uncertainty and cuts to federal funding, so this is an excellent time for donors to support the causes they care about and join the Foundation in advancing important work in our communities.”
The program allows a maximum annual credit of $100,000 per taxpayer and $200,000 per couple, and can be carried forward up to five years to apply against future tax liabilities. Funds that qualify include permanently endowed scholarships, nonprofit agency funds, designated funds, and field of interest funds; gifts to donor advised funds are not eligible. Any individual or organization can contribute to existing endowment funds, or create a new one.
A limited number of tax credits are available statewide, and are awarded on a first come, first served basis. To learn how to contribute to or establish an endowed fund, speak with your financial advisor or contact Foundation Development Director Brian Biederman at brianb@oprfcf.org, or call 708-848-1560.