Senator Chris Lauzen accepted our request to co-sponsor a bill in the Illinois Senate which would have provided an income tax credit to taxpayers who contribute to a permanent endowment fund within a community foundation.
Called Endow Illinois Tax Credit Act, this law was designed to encourage contributions to charitable funds that serve the needs of local communities on a permanent basis.
Twenty-seven states in our nation have similar laws in place and the results have been remarkable. These states have been able to preserve capital within their borders for the ongoing funding of needed programs and projects for their citizens.
Community foundations were named for this privilege since these organizations represent the entire philanthropic sector of a geographic area.
Senator Lauzen’s endorsement of this legislation is consistent with his belief that local citizens are the best qualified to determine their own destiny.
We wish to offer our sincere thanks to Senator Lauzen for his thoughtful decision to encourage philanthropy throughout the State of Illinois and for his personal commitment to local needs through his community foundation.
If the bill is reintroduced in the future, we know that our senator will be working with us to advance the charitable sector of our local communities.