Illinois General Assembly - Bill Status for HB4740

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Bill Status of HB4740 100th General Assembly

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Short Description: ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Cynthia Soto - William Davis - Robert W. Pritchard - Naomi D. Jakobsson - Linda Chapa LaVia

Last Action

Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/224 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 $5,000,000 in 2014, $12,500,000 in 2015, or $25,000,000 in 2016 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

Date	Chamber	Action
2/5/2014	House	Filed with the Clerk by Rep. Cynthia Soto
2/5/2014	House	First Reading
2/5/2014	House	Referred to Rules Committee
3/3/2014	House	Assigned to Revenue & Finance Committee
3/5/2014	House	Added Chief Co-Sponsor Rep. William Davis
3/5/2014	House	Added Chief Co-Sponsor Rep. Robert W. Pritchard
3/5/2014	House	Added Chief Co-Sponsor Rep. Naomi D. Jakobsson
3/5/2014	House	Added Chief Co-Sponsor Rep. Linda Chapa LaVia
3/11/2014	House	To Income Tax Subcommittee
3/28/2014	House	Rule 19(a) / Re-referred to Rules Committee
12/3/2014	House	Session Sine Die

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