§ 170-15 — Applications for tax credits

(a) The taxpayer shall apply to the Department, in the form and manner prescribed by the Department, 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 170-10. 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, which shall contain the information required by the Department by rule. 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.

Legislative History

(Source: P.A. 103-592, eff. 6-7-24.)