Through the Illinois Gives Tax Credit Act, a twenty-five percent state income tax credit is offered to donors that make gifts to eligible permanent endowment funds, explains Galesburg Community Foundation President & CEO Josh Gibb:
“Any person who makes a gift to a qualified community foundation, for the purpose of an endowment fund, that benefits a non-profit in the state of Illinois, is eligible to receive a twenty-five percent tax credit on their Illinois income tax. What this enables community foundations who are qualified, qualification is really accreditation through our national standards process. The credit is twenty-five percent, but that incentivizes $20 million worth of giving.”
Locally, there are 80 eligible permanent endowment funds held at the Galesburg Community Foundation that donors could receive a twenty-five percent state income tax credit.
