Illinois General Assembly - Bill Status for SB3365
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 Bill Status of SB3365  98th General Assembly


Short Description:  ENDOWMENT DONATION CREDIT

Senate Sponsors
Sen. Antonio Muñoz - Pamela J. Althoff, Darin M. LaHood, Dan Kotowski, Kirk W. Dillard, Mike Jacobs, Christine J. Johnson, Wm. Sam McCann and John M. Sullivan

Last Action
DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/223 new


Synopsis As Introduced
Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Requires the Department of Revenue to authorize an income tax credit to taxpayers who provide an endowment gift to a permanent endowment fund. Sets forth procedures and criteria for authorizing the credits. Provides that the aggregate amount of all credits that the Department may authorize may not exceed $10,000,000 in 2012, $25,000,000 in 2013, or $50,000,000 in 2014 and each calendar year thereafter. Provides conditions for eligibility. Requires the Department to make an annual report concerning the credits. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

Actions 
DateChamber Action
  2/7/2012SenateFiled with Secretary by Sen. Toi W. Hutchinson
  2/7/2012SenateFirst Reading
  2/7/2012SenateReferred to Assignments
  2/17/2012SenateAssigned to Revenue
  2/21/2012SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff
  2/23/2012SenateAdded as Chief Co-Sponsor Sen. Antonio Muñoz
  2/24/2012SenateAdded as Co-Sponsor Sen. Darin M. LaHood
  2/28/2012SenateAdded as Co-Sponsor Sen. Dan Kotowski
  2/28/2012SenateAdded as Co-Sponsor Sen. Kirk W. Dillard
  2/29/2012SenateAdded as Co-Sponsor Sen. Mike Jacobs
  3/1/2012SenateTo Revenue Subcommittee on Tax Credits
  3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012
  3/22/2012SenateAdded as Co-Sponsor Sen. Christine J. Johnson
  3/28/2012SenateAdded as Co-Sponsor Sen. Wm. Sam McCann
  3/30/2012SenateRule 3-9(a) / Re-referred to Assignments
  4/3/2012SenateAdded as Co-Sponsor Sen. John M. Sullivan
  11/21/2012SenateSponsor Removed Sen. Antonio Muñoz
  11/21/2012SenateChief Sponsor Changed to Sen. Antonio Muñoz
  1/8/2013SenateSession Sine Die

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