Skip to content

New Legislation Amplifies Philanthropy in Illinois through Accredited Community Foundations

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.

 

Illinois Gives Act FAQ

 

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:

 Fact Sheet

Infographic

FAQ

Workforce Development Through Charitable Loan Repayment:

Fact Sheet


Having trouble opening PDFs? Download Adobe Reader here.

…you can always start small, even $25 can make a difference. Remember we can’t take our money with us. Even if it’s just your gift of time. Volunteer and get involved.

Cris Anderson

Cristina & Thomas S. Anderson Endowment Fund | Tom & Cris Anderson Colonial Advisory Fund

We chose the Community Foundation because of its reputation. It’s well known, established and we can trust them to do the job for us.

Dick Schindel

Richard and Susan Schindel Scholarship Funds

There’s no question in my mind that the scholarship I received opened up possibilities.

Marianne Renner

Past Scholarship Recipient & Current Leadership Coach

Thank you very much for supporting my college education for these four years. I will never be able to repay you for the opportunity that this scholarship has given to me.

Julia H.

[Renewing Scholarship Recipient] Graduate of Hinkley-Big Rock High School

As a first-generation college student from a low-income family, I was worried about how I was going to pay for books and supplies. This scholarship will allow me to focus more on my studies instead of worrying about how to afford college. I am working to not only create opportunities for myself but to motivate future generations. Thank you so much for helping me along this journey!

Moises J.

Claude & Alice Allen Memorial Scholarship Recipient

A community foundation is a donor-driven organization that helps donors custom-design funds that reflect their charitable interests. Through the years, grants from these funds have made a significant impact on our local communities.

Sharon Stredde

President Emeritus

Community Foundation of the Fox River Valley

Install Community Foundation of the Fox River Valley

Install this application on your home screen for quick and easy access when you’re on the go.

Just tap then “Add to Home Screen”

Accessibility Toolbar