Illinois § 170-25

§ 170-25.

Certificates of receipt. (a) No qualified community foundation shall issue a certificate of receipt for any qualified contribution made by a taxpayer under this Act unless that qualified community foundation has been approved to issue certificates of receipt pursuant to Section 170-20 of this Act. (b) No qualified community foundation shall issue a certificate of receipt for a contribution made by a taxpayer unless the taxpayer has been issued a credit authorization certificate by the Department. (c) If a taxpayer makes a contribution to a qualified community foundation prior to the date by which the authorized contribution shall be made as provided in Section 170-15, the qualified community foundation shall, within 30 business days after receipt of the authorized contribution, issue to the taxpayer a written certificate of receipt. (d) If a taxpayer fails to make all or a portion of a contribution prior to the date by which such authorized contribution is required to be made, the taxpayer shall not be entitled to a certificate of receipt for that portion of the authorized contribution not made. (e) Each certificate of receipt shall state: (1) the name and address of the issuing qualified community foundation; (2) the taxpayer's name and address; (3) the date of each qualified contribution; (4) the amount of each qualified contribution; (5) the total qualified contribution amount; and (6) any other information that the Department deems necessary. (f) Upon the issuance of a certificate of receipt, the issuing qualified community foundation shall, within 10 business days after issuing the certificate of receipt, provide the Department with notification of the issuance of such certificate, in the form and manner prescribed by the Department, provided that such notification shall include: (1) the taxpayer's name and address; (2) the date of the issuance of a certificate of receipt; (3) the qualified contribution date or dates and the amounts contributed on such dates; (4) the total qualified contribution listed on such certificates; (5) the issuing qualified community foundation's name and address; and (6) any other information the Department may deem necessary. (g) Any portion of a contribution that a taxpayer fails to make by the date indicated on the authorized contribution certificate shall no longer be deducted from the cap prescribed in Section 170-10 of this Act. (Source: P.A. 103-592, eff. 6-7-24.)