Illinois DOR Proposes Regulations Concerning Gives Tax Credit Act

The Illinois Department of Revenue (DOR) proposed regulations on the Illinois Gives Tax Credit Act for income tax purposes. The proposed rules include implementing the Illinois Gives Tax Credit Act, which creates an income tax credit for taxpayers who make a qualified contribution to a permanent endowment fund during the taxable year. Comments on the proposed rules are due by Feb. 10, 2025. [Ill. Dep’t of Revenue, Proposed Reg. Sections 1050.100, 1050.150, et al., 12/27/24 Ill. Reg.]