Give Locally, Benefit Greatly!
Take Advantage of the Illinois Gives Tax Credit Act
In 2024, the state passed the Illinois Gives Tax Credit Act, granting a sizable tax credit to donors contributing to endowed funds at qualified charitable community foundations. The Oak Park-River Forest Community Foundation is proud to be one of those organizations! Donating to the Foundation already makes the most of your contribution. Through the Illinois Gives Tax Credit, however, you gain more as you give more!
Support worthy causes, including nationally accredited scholarships, nonprofit agencies, designated/field of interest funds, and organizations that benefit and serve Illinois residents. Whether you’re an individual, independent business, or organization seeking donations, the Foundation is here to help make Illinois Gives work for you:
- The program offers a 25% state income tax credit to donors who make gifts to eligible permanent endowment funds with the Foundation. Gifts to donor-advised funds are not eligible.
- Offers 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.
- Can be claimed by Illinois taxpayers, and is not transferable or refundable. The credit is awarded on a first-come, first-served basis.
How It Works:
- Connect with the Foundation. Talk with us to learn about our eligible endowment funds—or start a new one!—and how your gift can make a difference.
- Weigh your options. Consider your tax liability and charitable goals to maximize the benefits of the Illinois Gives Tax Credit.
- Get set up and give. Request a letter ID and create an account at mytax.illinois.gov. Once created, apply for a Contribution Authorization Certification (CAC) through the MyTaxIllinois system and make a gift to an eligible permanent endowment fund at the Foundation.
- Take the tax benefit. Your financial advisor and/or accountant will help you apply the tax credit effectively.
- Watch the funds grow and work! Our eligible permanent endowment funds are invested and grow in perpetuity. We make annual grants from eligible permanent endowment funds to support Illinois charities and projects.