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 2013, $25,000,000 in 2014, or $50,000,000 in 2015 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.
Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that the Department of Commerce and Economic Opportunity may award (now, the Department of Revenue may authorize) the Endow Illinois Tax Credit. Makes changes concerning the maximum amount of credits that may be awarded in any calendar year. Provides that a separate application is required for each endowment gift. Provides that the Director of Revenue may make available to the Department of Commerce and Economic Opportunity information received by the Director from tax returns filed under the Illinois Income Tax Act, for the limited purpose of determining the taxpayer's eligibility for credit under the Endow Illinois Tax Credit Act. Removes a provision exempting the credit from the automatic sunset. Effective immediately.
Senate Floor Amendment No. 2 Makes changes concerning the aggregate amount of credits that may be awarded by the Department under the Endow Illinois Tax Credit Act. Provides that a taxpayer is not eligible to receive a credit under that Act if the taxpayer's gross business receipts for the 3 prior taxable years exceeds $5,000,000 for taxable years ending in 2013 or $12,500,000 for taxable years ending in 2014 or thereafter.
Replaces everything after the enacting clause. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain distributors of industrial and specialty chemicals may elect to claim the credit against their withholding tax liability. Amends the Service Use Tax Act. Provides that purchases of manufacturing machinery and equipment and graphic arts machinery and equipment made on and after September 1, 2004 through August 30, 2014 qualify for the manufacturer's purchase credit regardless of whether or not the serviceman made certain elections to exclude the transaction from the Act. Effective immediately.