1. Community Foundation Tax Credit By Jeff Jacobs

3.  What are they?  102 Illinois Counties  Where does the funding come from?  Stakeholders ◦ Individual Community Foundations ◦ Alliance of Illinois Community Foundations ◦ Illinois Communities ◦ Illinois Taxpayers

4.  Michigan Community Foundation Tax Credit  Endow Iowa Tax Credit

5.  Current Legislation - HB 4714  House Action: ◦ Originally Filed by Rep. Robert W. Pritchard (R) ◦ Chief Co-Sponsors: Rep. Robert F. Flider (D), Cynthia Soto (D), Mike Boland (D), Linda Chapa La Via (D) ◦ Co-Sponsors: Rep. Kay Hatcher (R), Naomi D. Jakobsson (D), William Davis (D), Michael K. Smith (D), Elizabeth Hernandez (D)  Possible Senate Action:  Former Sponsor: Sen. A.J. Wilhelmi (D)  Sen. Mike Jacobs (D)

7.  New Language – Community Foundation Tax Credit ◦ 50% of Donation = Credit ◦ Caps for Individuals, Estates, Companies  Married donors, filing jointly, can receive a 50% tax credit of up to $500 on a gift of $1,000 to a permanent endowment fund.  A single person can receive a $250 tax credit on a gift of $500 – non- refundable.  Illinois businesses have the potential to receive up to a $5,000 tax credit on a gift of $10,000 – non-refundable. ◦ Total amount of credits = $7,000,000  Tied to 1% “Education Surtax” proposed by Gov. Quinn  It is paid for!

8. Married Filing Jointly - Itemize (28%)Corporate Taxpayers (35%) Federal Tax Savings $ 280 Federal Tax Savings $ 3,500 State Tax Savings $ 500 State Tax Savings $ 5,000 Total Tax Savings $ 780 Total Tax Savings $ 8,500 Amount of Gift $ 1,000 Amount of Gift $ 10,000 (-) Total Tax Savings $ 780 (-) Total Tax Savings $ 8,500 Donor's Actual Cost $ 220 Donor's Actual Cost $ 1,500

9.  Website  Mission Statement ◦ Community Foundations support local programs that educate, train and improve the lives of Illinois citizens. As a result, local communities can use this resource to grow because their citizens will become more marketable, confident and success oriented.  Issue Paper Issue Paper  Fact Sheet Fact Sheet  Letter to Legislators Letter to Legislators