The Community Foundation of Will County Designated as a Qualified Community Foundation, Unlocking New Tax Credit Opportunities for Donors

The Community Foundation of Will County is proud to announce its official designation as a Qualified Community Foundation (QCF) under the Illinois Gives Tax Credit Act (35 ILCS 60/170).

This new status allows the Foundation to offer substantial tax benefits to individuals and businesses that make lasting contributions to our community through permanent endowment funds.

Under the Illinois Gives Tax Credit Program, beginning with tax years ending on or after December 31, 2025, Illinois taxpayers who make qualified contributions to endowment funds held by QCFs like The Community Foundation of Will County may receive a 25% state income tax credit, up to $100,000 per year.

“This tax credit is only possible by contributions made through qualified charitable foundations, which fortunately we are,” said Matt Schimanski, the CFWC Board Chair. “There are so many generous and charitably inclined individuals and families here in Will County. This tax credit will help us in our efforts to keep Will County dollars here in Will County, providing funding for programs and organizations that serve as many of our community members as possible.”

How the Illinois Gives Tax Credit Works

• Eligibility: Donors must apply and be approved for the program through MyTax Illinois.
• Credit Amount: 25% of qualified contributions to a permanent endowment fund (e.g., a $10,000 gift results in a $2,500 tax credit).
• Annual Cap: Maximum of $100,000 in tax credits per taxpayer, per year.

Steps to Claim the Tax Credit

1. Create an account with MyTax Illinois.
2. Apply to contribute to a QCF.
3. Receive a Contribution Authorization Certificate (CAC) from the Illinois Department of Revenue.
4. Make the contribution within 10 business days.
5. Receive a Certificate of Receipt (COR) confirming the donation.
6. Claim the credit on your Illinois state income tax return.