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Grow Illinois Now

Grow Illinois Now. Community Foundation Tax Credit By Jeff Jacobs. Making a Difference. Community Foundations. What are they? 102 Illinois Counties Where does the funding come from? Stakeholders Individual Community Foundations Alliance of Illinois Community Foundations

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Grow Illinois Now

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  1. Grow Illinois Now Community Foundation Tax Credit By Jeff Jacobs

  2. Making a Difference

  3. Community Foundations • 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. Endow Illinois Tax Credit Act • Michigan Community Foundation Tax Credit • Endow Iowa Tax Credit

  5. Endow Illinois Tax Credit • 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)

  6. The Real “Player”

  7. Grow Illinois Now Tax Credit • 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. How It Works

  9. The Marketing • 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 • Fact Sheet • Letter to Legislators

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