The State of Illinois has recently introduced a tax credit to incentivize the building of permanent endowment funds that benefit Illinois nonprofits and causes. The Illinois Gives Tax Credit allows donors to invest in the long-term well-being of their communities while also enjoying substantial financial benefits.
The Illinois Tax Credit Program offers a 25% state income tax credit to taxpayers that make donations to permanent endowment funds held by Qualified Community Foundations, such as Galesburg Community Foundation.
Mark and Celia Godsil recently took advantage of the tax credit program and used it as an opportunity to create a fund that provides lasting support to one of their favorite local nonprofits. The Mark & Celia Godsil Endowment for Camp Big Sky will provide annual support for the needs of the organization. They commented, “This program seamlessly benefits all parties. It utilizes our donations by giving permanence to the causes we value and support, with the added benefit of a tax credit.”
Endowment funds are designed to exist in perpetuity, with the principal amount invested to generate annual earnings, providing ongoing support for charitable grants.
“Connecting donors to causes they care about is what we do best, and we’re thrilled to offer a way for donors to not only support their favorite nonprofits and also receive a tax benefit,” commented Sarah Grant, Director of Development at Galesburg Community Foundation.
To participate, donors must make their gift to a Qualified Community Foundation. Galesburg Community Foundation is proud to be among those eligible and is happy to assist donors through the process to obtain the credit. The maximum tax credit per taxpayer is $100,000 annually, and credits are awarded on a first-come, first-served basis. “If you have Illinois income tax liability and are regularly making a gift to a nonprofit, this is a great opportunity for you to make a gift to an endowment fund at Galesburg Community Foundation and obtain this tax benefit” commented Sarah Grant, Director of Development.
To learn more and view the full list of the 82 eligible funds at Galesburg Community Foundation click here. For assistance with the application process, contact Sarah Grant Galesburg Community Foundation’s Director of Development at 309-344-8898.
