35 ILCS 60/170-5
As used in this Act:
"Business entity" means a corporation (including a Subchapter S corporation), trust, estate, partnership, limited liability company, or sole proprietorship.
"Credit-eligible endowment gift" means an endowment gift for which a taxpayer intends to apply for an income tax credit under this Act.
"Department" means the Department of Revenue.
"Donor advised fund" has the meaning given to that term in subsection (d) of Section 4966 of the Internal Revenue Code of 1986.
"Endowment gift" means an irrevocable contribution to a permanent endowment fund held by a qualified community foundation.
"Permanent endowment fund" means a fund that (i) is held by a qualified community foundation, (ii) provides charitable grants exclusively for the benefit of residents of the State or charities and charitable projects located in the State, (iii) is intended to exist in perpetuity, (iv) has an annual spending rate based on the foundation spending policy, but not to exceed 7%, and (v) is not a donor advised fund.
"Qualified community foundation" means a community foundation or similar publicly supported organization described in Section 170 (b)(1)(A)(vi) of the Internal Revenue Code of 1986 that is organized or operating in this State and that substantially complies with the national standards for U.S. community foundations established by the Community Foundations National Standards, as determined by the Department.
"Taxpayer" means any individual who is subject to the tax imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act or any business entity that is subject to the tax imposed under subsections (a) and (b) of Section 201 of the Illinois Income Tax Act.
35 ILCS 60/170-5