Getting ready for the Illinois Gives Tax Credit Act
The Illinois Gives Tax Credit Act will take effect January 1, 2025. Learn about this new tax credit available to Illinois taxpayers and how it benefits your tax liability, nonprofits, and the people and places of Illinois!
Info for our donors regarding the Illinois Gives Act:
Taxpayers (including individuals, joint filers, corporations, partnerships, trusts, and estates) that intend to donate may prepare by completing these 3 steps now:
- Read the IDOR Bulletin and Quick-Start Guide
- Create a MyTaxIllinois profile by requesting a letter ID. Once requested, IDOR will mail you a hard-copy letter within a few business days with your ID.
- Once you receive the Letter ID, return to MyTaxIllinois.gov to create your MyTax profile so that you can apply to receive the tax credit after January 1.
- Contact Missy Batman at 217-429-3000 or mbatman@heartofillinois.org to notify the HICF you plan to participate in the program and make a gift AFTER 1/1/25.
AFTER 1/1/25:
- Apply to make a contribution to the Community Foundation of Macon County (we are still listed by our prior name), your Qualified Community Foundation (QCF) through MyTax Illinois.
- Receive a Contribution Authorization Certificate (CAC) from IDOR through MyTax Illinois.
- Make the contribution(s) to the Community Foundation of Macon County within 10 business days after receiving the CAC.
- After receiving the contribution(s), we 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 next income tax return.
