The DeKalb County Community Foundation is pleased to announce its participation in the new Illinois Gives Tax Credit program, which provides a 25% State of Illinois income tax credit to donors who give to an endowed Fund at a qualified community foundation. This tax credit program, effective January 1, 2025, is a significant opportunity for donors to maximize the impact of their charitable giving while receiving valuable tax benefits.

Under the new program, donors who contribute to eligible endowed Funds at the DeKalb County Community Foundation can take advantage of this tax credit. Endowed Funds are permanent Funds where the principal remains intact, generating investment growth, and annual distributions are made to benefit local charities and causes.

Key Program Details:

• Eligibility: Endowed Community Impact Funds, Designated Funds, Field of Interest Funds, and Scholarship Funds at the DeKalb County Community Foundation that benefit Illinois organizations qualify for this tax credit. Donor Advised Funds are not eligible.
• Tax Advantage: Since 90% of Americans take the federal standard deduction, this state tax credit offers an additional way for donors to benefit financially from their charitable contributions.
• Support for Local Charities: Donors can work with local nonprofits to direct their gifts to eligible endowed Funds held at the Community Foundation, providing sustainable annual income to those organizations.

How to Participate:

1. Create a MyTax Illinois Account – Donors or their accountants must register at mytax.illinois.gov to participate.
2. Apply for a Contribution Authorization Certificate (CAC) – Once registered, donors apply for a CAC through MyTax Illinois, selecting the DeKalb County Community Foundation as the recipient.
3. Submit CAC to the Community Foundation – The certificate must be provided to the Foundation before making a donation.
4. Complete Donation – The donation must be completed within 15 days of the issued CAC.
5. Receive Certificate of Receipt (COR) – Once verified, donors receive a COR for tax filing purposes.

For a step-by-step guide on navigating MyTax Illinois and completing the donation process, visit dekalbccf.org/Illinois-Gives or contact us for assistance.

“This new tax credit program provides an incredible opportunity for donors to give back to the causes they care about while receiving a unique Illinois state income tax benefit,” said Community Foundation Executive Director Dan Templin. “We encourage donors and local charities to take advantage of this initiative to support lasting, impactful philanthropy in our community.”

For more information or assistance on donations, please contact Dan Templin at 815-748-5383 or dan@dekalbccf.org.