Tax credit takes effect for donors to Starved Rock Country Community Foundation endowment funds

The Starved Rock Country Community Foundation received state approval as a qualified community foundation for the new Illinois Gives initiative.

Illinois Gives will incentivize up to $100 million in new charitable giving in the next five 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 the Illinois Department of Revenue. Unlike traditional charitable deductions, this credit is available to all taxpayers, whether or not they itemize deductions. It’s an accessible and inclusive way to make a meaningful impact while reshaping support for local communities, SRCCF said in a news release.

Effective for tax years ending on or after Dec. 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 to donors.

Endowed funds at the SRCCF provide a predictable source of general operating and capital funding for a wide range of nonprofit organizations and programs throughout the state. Sustaining local nonprofits for many years to come is possible by incentivizing endowment gifts through Illinois Gives. Those gifts provide a steady stream of income to greatly benefit nonprofit organizations providing vital services and strengthening communities.

Taxpayers eligible for Illinois Gives include individuals, corporations, partnerships, trusts and estates. For individual taxpayers, Illinois Gives provides new tax relief for those who do not itemize their taxes. In enacting Illinois Gives, the state of Illinois recognizes that nonprofit businesses, which collectively employ 11% of the workforce, are vital contributors to the economy.

For more information and specific details regarding the Illinois Gives Tax Credit Act:

• visit https://tax.illinois.gov/programs/illinoisgives.html.
• visit the SRCCF website at srccf.org.
• call the SRCCF office at 815-252-2906.