The Community Foundation of the Fox River Valley joins Forefront and community foundations across the state in celebrating the enactment of two new charitable programs that will increase giving and funding for nonprofits and retain dollars and talent in Illinois! The General Assembly enacted the Illinois Gives Tax Credit Act and the Workforce Development Through Charitable Loan Repayment Act by including them in HB4951, which was signed by the Governor on 6/7/24 and is now Public Act 103-0592.
The Illinois Gives Tax Credit Act will incentivize up to $100 million in new charitable giving over the next five years by authorizing a 25% state income tax credit for charitable donations to eligible permanent endowments held by dozens of qualified community foundations across Illinois. The program begins 1/1/25.
The Workforce Development Through Charitable Loan Repayment Act will use private charitable dollars to attract and retain locally needed workers in Illinois communities. Eligible community foundations will directly repay part or all of a worker’s student loans directly to the lender, and the worker will not pay state income tax on that charitable loan repayment. The program begins 1/1/26.
Both of these programs will work together to provide tax advantages for donors while building the strength of our community for years to come. More information will be shared in the next few months.
For additional information regarding these bills, please see the following resources provided by Forefront on their website under Statewide Agenda / Policy Accomplishments:
Forefront’s press release http://bit.ly/3VGFeZe.
Illinois Gives Act:
Workforce Development Through Charitable Loan Repayment:
