35 ILCS 60/ Illinois Gives Tax Credit Act.

(35 ILCS 60/Art. 5 heading) ARTICLE 5.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 10 heading) ARTICLE 10.(The Workforce Development through Charitable Loan Repayment Act is compiled at 110 ILCS 998/)(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/Art. 15 heading) ARTICLE 15.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 20 heading) ARTICLE 20.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 25 heading) ARTICLE 25.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

(35 ILCS 60/Art. 30 heading) ARTICLE 30.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 35 heading) ARTICLE 35.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 40 heading) ARTICLE 40.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/Art. 45 heading) ARTICLE 45.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 50 heading) ARTICLE 50. (The Music and Musicians Tax Credit and Jobs Act iscompiled at 35 ILCS 19/)(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/Art. 52 heading) ARTICLE 52. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 55 heading) ARTICLE 55. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 60 heading) ARTICLE 60. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 65 heading) ARTICLE 65. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 7-1-24; text omitted.)

(35 ILCS 60/Art. 70 heading) ARTICLE 70. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 75 heading) ARTICLE 75. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

(35 ILCS 60/Art. 80 heading) ARTICLE 80. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

(35 ILCS 60/Art. 85 heading) ARTICLE 85. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 90 heading) ARTICLE 90. (Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 95 heading) ARTICLE 95.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 100 heading) ARTICLE 100.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 105 heading) ARTICLE 105.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 110 heading) ARTICLE 110.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 115 heading) ARTICLE 115.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 120 heading) ARTICLE 120.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 130 heading) ARTICLE 130.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 135 heading) ARTICLE 135.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

(35 ILCS 60/Art. 140 heading) ARTICLE 140.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 1-1-25; text omitted.)

(35 ILCS 60/Art. 145 heading) ARTICLE 145.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 150 heading) ARTICLE 150.(The Interchange Fee Prohibition Act iscompiled at 815 ILCS 151/)(Source: P.A. 103-592, eff. 7-1-25.)

(35 ILCS 60/Art. 155 heading) ARTICLE 155.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 160 heading) ARTICLE 160.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 165 heading) ARTICLE 165.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 170 heading) ARTICLE 170.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-1)

Sec. 170-1. Short title. This Act may be cited as the Illinois Gives Tax Credit Act. References in this Article to "this Act" mean this Article.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-5)

Sec. 170-5. Definitions. As used in this Act:

"Business entity" means a corporation (including a Subchapter S corporation), trust, estate, partnership, limited liability company, or sole proprietorship.

"Credit-eligible endowment gift" means an endowment gift for which a taxpayer intends to apply for an income tax credit under this Act.

"Department" means the Department of Revenue.

"Donor advised fund" has the meaning given to that term in subsection (d) of Section 4966 of the Internal Revenue Code of 1986.

"Endowment gift" means an irrevocable contribution to a permanent endowment fund held by a qualified community foundation.

"Permanent endowment fund" means a fund that (i) is held by a qualified community foundation, (ii) provides charitable grants exclusively for the benefit of residents of the State or charities and charitable projects located in the State, (iii) is intended to exist in perpetuity, (iv) has an annual spending rate based on the foundation spending policy, but not to exceed 7%, and (v) is not a donor advised fund.

"Qualified community foundation" means a community foundation or similar publicly supported organization described in Section 170(b)(1)(A)(vi) of the Internal Revenue Code of 1986 that is organized or operating in this State and that substantially complies with the national standards for U.S. community foundations established by the Community Foundations National Standards, as determined by the Department.

"Taxpayer" means any individual who is subject to the tax imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act or any business entity that is subject to the tax imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-10)

Sec. 170-10. Tax credit awards; limitations.

(a) For taxable years ending on or after December 31, 2025 and ending before January 1, 2030, the Department shall award, in accordance with this Act, income tax credits to taxpayers who provide an endowment gift to a permanent endowment fund during the taxable year and receive a certificate of receipt under Section 170-15 for that gift. Subject to the limitations in this Section, the amount of the credit that may be awarded to a taxpayer by the Department under this Act is an amount equal to 25% of the endowment gift.

(b) The aggregate amount of all Illinois Gives tax credits awarded by the Department under this Act in any calendar year may not exceed $5,000,000.

(c) The aggregate amount of all Illinois Gives tax credits that the Department may award to any taxpayer under this Act in any calendar year may not exceed $100,000.

(d) The amount of contributions to any specific qualified community foundation that are eligible for Illinois Gives tax credits under this Section in any calendar year shall not exceed $3,000,000.

(e) Of the annual amount available for tax credits, 25% must be reserved for endowment gifts that do not exceed the small gift maximum set forth in this subsection. The small gift maximum is $25,000. For purposes of determining if a donation meets the small gift maximum, the amount of the credit authorization certificate under Section 170-15 shall be used.

(f) For the purpose of this Section, a credit is considered to be awarded on the date the Department issues an approved contribution authorization certificate under Section 170-15.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-15)

Sec. 170-15. Applications for tax credits.

(a) The taxpayer shall apply to the Department, in the form and manner prescribed by the Department, for a contribution authorization certificate. A taxpayer who makes more than one credit-eligible endowment gift must make a separate application for each contribution authorization certificate. Applications under this subsection shall be reviewed by the Department and shall either be approved or denied. Each approved contribution authorization certificate shall be sent to the taxpayer within 3 business days after the certificate is approved. The Department shall maintain on its website a running total of: (i) the total amount of credits remaining under this Act for which taxpayers may apply for a contribution authorization certificate issued in the calendar year; (ii) the total amount of credits allocated during the calendar year for each specific community foundation; and (iii) the total amount remaining for the calendar year under the small gift maximum set forth in Section 170-10. Those running totals shall be updated every business day.

(b) The taxpayer shall make the endowment gift to the permanent endowment fund either prior to or within 10 business days after the taxpayer receives the approved contribution authorization certificate under subsection (a). The qualified community foundation shall, within 30 business days after receipt of an endowment gift for which a contribution authorization certificate has been approved by the Department under subsection (a), issue to the taxpayer a written certificate of receipt, which shall contain the information required by the Department by rule. No receipt shall be issued for amounts that are not actually received by the qualified community foundation within 10 business days after the taxpayer receives the approved contribution authorization certificate.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-20)

Sec. 170-20. Approval to issue certificates of receipt.

(a) A qualified community foundation shall submit an application for approval to issue certificates of receipt, in the form and manner prescribed by the Department, provided that each application shall include:

(1) documentary evidence that the qualified community foundation meets the qualifications under Section 170(b)(1)(A)(vi) of the Internal Revenue Code and substantially complies with the standards established by Community Foundations National Standards;

(2) certification that the qualified community foundation holds a permanent endowment fund meeting the criteria established in Section 170-5;

(3) a list of the names and addresses of all members of the governing board of the qualified community foundation; and

(4) a copy of the most recent financial audit of the qualified community foundation's accounts and records conducted by an independent certified public accountant in accordance with auditing standards generally accepted in the United States, government auditing standards, and rules adopted by the Department.

(b) The Department shall review and either approve or deny each application to issue certificates of receipt pursuant to this Act. Approval or denial of an application shall be made on a periodic basis. Applicants shall be notified of the Department's determination within 30 business days after the application is received.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-25)

Sec. 170-25. Certificates of receipt.

(a) No qualified community foundation shall issue a certificate of receipt for any qualified contribution made by a taxpayer under this Act unless that qualified community foundation has been approved to issue certificates of receipt pursuant to Section 170-20 of this Act.

(b) No qualified community foundation shall issue a certificate of receipt for a contribution made by a taxpayer unless the taxpayer has been issued a credit authorization certificate by the Department.

(c) If a taxpayer makes a contribution to a qualified community foundation prior to the date by which the authorized contribution shall be made as provided in Section 170-15, the qualified community foundation shall, within 30 business days after receipt of the authorized contribution, issue to the taxpayer a written certificate of receipt.

(d) If a taxpayer fails to make all or a portion of a contribution prior to the date by which such authorized contribution is required to be made, the taxpayer shall not be entitled to a certificate of receipt for that portion of the authorized contribution not made.

(e) Each certificate of receipt shall state:

(1) the name and address of the issuing qualified community foundation;

(2) the taxpayer's name and address;

(3) the date of each qualified contribution;

(4) the amount of each qualified contribution;

(5) the total qualified contribution amount; and

(6) any other information that the Department deems necessary.

(f) Upon the issuance of a certificate of receipt, the issuing qualified community foundation shall, within 10 business days after issuing the certificate of receipt, provide the Department with notification of the issuance of such certificate, in the form and manner prescribed by the Department, provided that such notification shall include:

(1) the taxpayer's name and address;

(2) the date of the issuance of a certificate of receipt;

(3) the qualified contribution date or dates and the amounts contributed on such dates;

(4) the total qualified contribution listed on such certificates;

(5) the issuing qualified community foundation's name and address; and

(6) any other information the Department may deem necessary.

(g) Any portion of a contribution that a taxpayer fails to make by the date indicated on the authorized contribution certificate shall no longer be deducted from the cap prescribed in Section 170-10 of this Act.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-30)

Sec. 170-30. Annual report. By March 31, 2026, and by March 31 of each subsequent year, the Department must submit an annual report to the Governor and the General Assembly concerning the activities conducted under this Act during the previous calendar year. The report must include a detailed listing of tax credits authorized under this Act by the Department. The report may not disclose any information if the disclosure would violate Section 917 of the Illinois Income Tax Act.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-35)

Sec. 170-35. Rulemaking. The Department may adopt rules for the implementation of this Act.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/170-90)

Sec. 170-90. (Amendatory provisions; text omitted).

(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 175 heading) ARTICLE 175.(Amendatory provisions; text omitted)(Source: P.A. 103-592, eff. 6-7-24; text omitted.)

(35 ILCS 60/Art. 999 heading) ARTICLE 999.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/999-95)

Sec. 999-95. No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerate or delay the taking effect of (i) the changes made by this Act or (ii) provisions derived from any other Public Act.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/999-97)

Sec. 999-97. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.

(Source: P.A. 103-592, eff. 6-7-24.)

(35 ILCS 60/999-99)

Sec. 999-99. Effective date. This Act takes effect upon becoming law, except that Article 65 takes effect July 1, 2024, Articles 25, 75, 80, 93, 125, 135, and 140 take effect January 1, 2025, and Article 150 takes effect July 1, 2025.

(Source: P.A. 103-592, eff. 6-7-24.)