Ill. Admin. Code tit. 86, § 1050.250 - Contribution Authorization Certificates
a)
The taxpayer shall apply to the
Department using the electronic application form on the MyTax Illinois webpage
for a contribution authorization certificate. A taxpayer who makes more than
one credit-eligible endowment gift must make a separate application for each
contribution authorization certificate. Applications under this subsection
shall be reviewed by the Department and shall either be approved or denied.
Each approved contribution authorization certificate shall be sent to the
taxpayer within 3 business days after the certificate is approved. The
Department shall maintain on its website a running total of:
(i)
the total amount of credits
remaining under this Act for which taxpayers may apply for a contribution
authorization certificate issued in the calendar year;
(ii)
the total amount of credits
allocated during the calendar year for each specific community foundation;
and
(iii)
the
total amount remaining for the calendar year under the small gift maximum set
forth in Section 200. Those running totals shall be updated every business
day.
b)
The taxpayer shall make the endowment gift to the permanent endowment
fund either within 15 business days prior to or within 10 business days after
the taxpayer receives the approved contribution authorization certificate under
subsection (a). The qualified community foundation shall, within 30 business
days after receipt of an endowment gift for which a contribution authorization
certificate has been approved by the Department under subsection (a), issue to
the taxpayer a written certificate of receipt as provided in Section
1050.350. No receipt shall be
issued for amounts that are not actually received by the qualified community
foundation within 10 business days after the taxpayer receives the approved
contribution authorization certificate. [35 ILCS
60/170-15 ]
Notes
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a) The taxpayer shall apply to the Department using the electronic application form on the MyTax Illinois webpage for a contribution authorization certificate. A taxpayer who makes more than one credit-eligible endowment gift must make a separate application for each contribution authorization certificate. Applications under this subsection shall be reviewed by the Department and shall either be approved or denied. Each approved contribution authorization certificate shall be sent to the taxpayer within 3 business days after the certificate is approved. The Department shall maintain on its website a running total of:
(i) the total amount of credits remaining under this Act for which taxpayers may apply for a contribution authorization certificate issued in the calendar year;
(ii) the total amount of credits allocated during the calendar year for each specific community foundation; and
(ii) the total amount remaining for the calendar year under the small gift maximum set forth in Section 200. Those running totals shall be updated every business day.
b) The taxpayer shall make the endowment gift to the permanent endowment fund either prior to or within 10 business days after the taxpayer receives the approved contribution authorization certificate under subsection (a). The qualified community foundation shall, within 30 business days after receipt of an endowment gift for which a contribution authorization certificate has been approved by the Department under subsection (a), issue to the taxpayer a written certificate of receipt as provided in Section 1050.350 . No receipt shall be issued for amounts that are not actually received by the qualified community foundation within 10 business days after the taxpayer receives the approved contribution authorization certificate.