25% Illinois Tax Credit for Local Giving – GCF's Josh Gibb Breaks It Down

“25% state tax credit for donations to permanent local endowments — Josh Gibb explains how it works, who qualifies, and why the credits can run out before December 31.” Josh Gibb, President & CEO of the Galesburg Community Foundation, joins Galesburg’s Morning News to break down the Illinois Gives Tax Credit Program — one of the best giving incentives in the country. Key points from the interview: Donate to a permanent endowment at GCF → receive a 25% credit on your Illinois state income tax Example: Give $1,000 → the state effectively gives you $250 back Available to individuals, couples, corporations, trusts — anyone with an Illinois tax liability No minimum gift; individuals can give up to $400,000 (married couples $800,000) Credits are first-come, first-served and usually run out before December 31 Nearly 200 eligible endowment funds at GCF — from the Fish Food Pantry to the Orpheum Theatre Josh also shares how endowments work (“that organization gets revenue forever”), why GCF grew from $50 million to $56 million in assets this year, and the simple steps to claim the credit before it’s gone. Whether you’re planning year-end giving or just want to support Knox County causes more efficiently, this 15-minute conversation shows how Illinois is putting real money back in donors’ pockets to build permanent community wealth. To get started: Visit yourgcf.org/illinoisgives or call 309.344.8898 Listen now and give smarter this holiday season. Originally aired Friday, November 14 on Galesburg’s Morning News • WGIL 93.7 FM & 1400 AM