What is the corporate contribution deduction?
The Illinois Income Tax Act 35 ILCS 5/203 provides that corporations may make donations to designated zone organizations for projects approved by the Illinois Department of Commerce and Economic Opportunity, and claim an income tax deduction at double the value of the contribution, to the extent that I) the contribution qualifies as a charitable contribution under Section 170, Subsection (c) of the Internal Revenue Code; and 2) the Department approves the amount and type of contribution which may be claimed as a deduction.
Related Questions
- What is the effect on the charitable contribution deduction if a taxpayer made a disclaimer, or a partial disclaimer, of his or her required final annuity distribution from a CRT?
- Does a taxpayer who participates in the settlement initiative lose the charitable contribution deduction received for funding a CRT?
- What is the advantage of a payroll deduction gift versus a one-time contribution?
