The Starved Rock Country Community Foundation (SRCCF) is honored to receive state approval as a Qualified Community Foundation (QCF) for the new Illinois Gives initiative. Illinois Gives will incentivize up to $100 million in new charitable giving over the next 5 years by authorizing a 25% state income tax credit for charitable donations to eligible permanent endowments held by the SRCCF and is being administered by Illinois Department of Revenue (IDOR).
Effective for tax years ending on or after December 31, 2025, the Illinois Gives Tax Credit Act creates a state income tax credit for donors who contribute to one or more permanent endowment funds held by the SRCCF during a taxable year. Income tax credits cannot exceed $100,000 per taxpayer, per year. The endowment funds provide charitable grants exclusively for the benefit of charities and charitable projects located in the State. Several eligible endowment funds are currently held by the Starved Rock Country Community Foundation and new endowments may be created in keeping with the SRCCF policies and procedures. The SRCCF will accept contributions eligible for income tax credits and issue Certificates of Receipts (CORs) to donors.
The process at a glance
- Apply to make a contribution to a QCF through MyTax Illinois.
- Receive a Contribution Authorization Certificate (CAC) from IDOR through MyTax Illinois.
- Make the contributions to the QCF within 10 business days after receiving the CAC.
- After receiving the contribution, the QCF will confirm receipt within 30 business days and a COR will be created and issued to you through MyTax Illinois.
- After receiving a COR, you may claim the credit on your income tax return.
