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Regional Spelling Bee
SUBMITTED PHOTO Rock Valley Publishing
The 43rd Annual Carroll, Jo Daviess, and Stephenson County Regional Spelling Bee was held on Feb. 11, 2025. Pictured are (from left to right) second place winner Hendrix Feld, Regional Office of Education Representative Sarah Meador, and first place winner Mason Coulthard.
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Illinois gives tax credit act provides benefit for state taxpayers, nonprofits, communities
Illinois taxpayers have a new way to decrease tax liability while increasing their charitable impact, thanks to the newly enacted Illinois Gives Tax Credit Act (Illinois Gives). Approved by the State of Illinois in 2024 and in effect as of Jan. 1, 2025, Illinois Gives provides a 25% state income tax credit for gifts made to eligible endowments at Qualified Community Foundations (QCF). Illinois Gives provides three-fold benefit: • For taxpayers: individuals and businesses alike can reduce their personal state income tax liability, while maximizing the impact of their generosity. Additional federal tax savings may apply for individuals who itemize on their federal return! • For nonprofits: endowed funds provide a stable, reliable, and growing source of support, whether via direct designation or competitive grant processes at QCFs. • For communities: contributions must be made to funds that support programs and projects that directly impact Illinois residents and improve local communities. The Illinois Gives program was designed to inspire generosity in every corner of the state and promote equitable distribution of the credits to donors of many levels. Up to $100,000 in credit can be issued per taxpayer per calendar year. Of the $5,000,000 in credits available annually, 25% are reserved for contributions of $25,000 or less. No single QCF can receive more than 15% of
the total credits. The Illinois Gives Tax Credit Act will sunset after five years if not renewed or extended. Credits are awarded on a firstcome, first-serve basis to taxpayers who create an account with the Illinois Department of Revenue. Donors are encouraged to talk with their local Qualified Community Foundation and discuss ways to maximize the benefits of Illinois Gives. “We are thrilled to have achieved Qualified Community Foundation status and stand ready to partner with donors in our mutual goal of benefiting the people and places of Northern Illinois,” said Dan Ross, CFNIL President. “Illinois Gives is truly a winwin-win for taxpayers, nonprofits, and the communities of Illinois; it’s wonderful to have a new tool to inspire and promote philanthropy in our region.” Learn more about how to take advantage of Illinois Gives and connect with your local Qualified Community Foundation, the Community Foundation of Northern Illinois, at cfnil.org/illinoisgives.
About the Community Foundation of Northern Illinois (CFNIL) The Community Foundation of Northern Illinois has served Northern Illinois since 1953. CFNIL works to inspire endowment and promote philanthropy for the current and future needs of the people of Northern Illinois. Learn more about their work and commitment to philanthropy and effective grantmaking at cfnil.org.
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