Illinois Gives Tax Credit
The Illinois Gives Tax Credit Act provides a state income tax credit to taxpayers who contribute to an endowment fund at a Qualified Community Foundation (QCF) during the year. Your gift to an endowment fund at the Trust directly supports Chicago’s communities and people while rewarding your generosity.
You and The Chicago Community Trust are Here for Good.
Contributing to an endowment fund at The Chicago Community Trust is a gift to the community that gives back to you—in the form of a 25% state income tax credit.
The Illinois Gives Tax Credit Act provides a state income tax credit to taxpayers who contribute to an endowment fund at a Qualified Community Foundation (QCF) during the year. Your gift to an endowment fund at the Trust directly supports Chicago’s communities and people while rewarding your generosity.
How It Works
Eligibility: Donations must be made to permanent endowment funds held at a QCF—such as the Trust—which are approved by the Illinois Department of Revenue.
State Income Tax Credit Value:
- Unused credits can be carried forward for up to five years.
- You receive a 25% state income tax credit based on the amount contributed.
- Credits cannot exceed $100,000 (or a maximum $400,000 donation) per taxpayer per year.
Spotlighted Funds at the Trust
| Trust Unrestricted Endowment | For more than 100 years, Chicagoans who wish to make a lasting mark on the city and region they love have turned to us. The Trust combines the gifts of donors, living and deceased, into a pooled endowment fund with one simple purpose: to provide flexible, evergreen funding to meet the pressing needs of the Chicago region and its people—today, tomorrow, and in perpetuity. |
| Basic Human Needs Fund | Established at the Trust in 1984, this endowment fund provides ongoing support to organizations responding to emergency housing, food, clothing and healthcare needs in the region. |
| Cultural Arts Fund | Established in 1976, this fund is devoted to the maintenance, support, and enhancement of the cultural arts in the Chicago metropolitan area. |
| Education Fund | Supports organizations throughout the Chicago metropolitan area that provide educational benefits to youth. |
How do I make a gift to receive the state income tax credit?
- State income tax credits are issued through the MyTaxIllinois system. If you do not have an account, visit mytax.illinois.gov to request a Letter ID. The Letter ID will be sent to you in the U.S. mail within 10 days. Once the Letter ID is received, visit mytax.illinois.gov to activate and create your account.
- Apply for a state income tax credit through your MyTaxIllinois account and select The Chicago Community Foundation.
- A Contribution Authorization Certificate (CAC) will be issued by the MyTaxIllinois system.
- Make your gift to The Chicago Community Foundation within 10 business days after receiving the CAC , specifying which Trust endowment fund the gift should apply to. Include a copy of the CAC with your gift. Your gift can be in the form of a check, wire, ACH, appreciated securities or other asset. Find our gifting instructions here. Reach out to donorservices@cct.org with any questions.
- The Trust will confirm receipt of your gift within 30 business days. A Certificate of Receipt (CAR) will be issued to you through your MyTaxIllinois account and the state income tax credit can be claimed on your income tax return.
Charitable giving experts at the Trust can assist you through the process.
Please contact donorservices@cct.org.
The Chicago Community Trust does not provide legal or tax advice. Please consult with your tax advisor to properly determine the tax consequences of making a charitable gift to The Chicago Community Trust.
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