Section 1050.150  Overview of Illinois Gives Tax Credit Act

The Act authorizes taxpayers, subject to specific limitations and requirements, to receive an income tax credit for qualified contributions made to a permanent endowment fund.  Taxpayers wishing to make qualified contributions must first apply to the Department for approval to make qualified contributions.  Once approved, taxpayers are issued contribution authorization certificates by the Department, which must be provided to the qualified community foundation by taxpayers when making their qualified contributions.  A qualified community foundation must apply to the Department for approval before it can issue certificates of receipt to taxpayers making qualified contributions.  Certificates of receipt issued to the taxpayer by a qualified community foundation may be used to document the tax credit claimed by the taxpayer on the income tax return for the taxable year in which the qualified contribution is made.