Illinois General Assembly - Bill Status for SB1935
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 Bill Status of SB1935  102nd General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

Senate Sponsors
Sen. A. J. Wilhelmi - Kirk W. Dillard - Pamela J. Althoff - Kimberly A. Lightford, William Delgado, Michael W. Frerichs, John M. Sullivan and Chris Lauzen

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/218 new


Synopsis As Introduced
Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Requires the Department of Commerce and Economic Opportunity 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 in any calendar year may not exceed $50,000,000. 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
  2/20/2009SenateFiled with Secretary by Sen. A. J. Wilhelmi
  2/20/2009SenateFirst Reading
  2/20/2009SenateReferred to Assignments
  2/23/2009SenateAdded as Chief Co-Sponsor Sen. Kirk W. Dillard
  2/27/2009SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff
  3/4/2009SenateAssigned to Revenue
  3/5/2009SenateAdded as Co-Sponsor Sen. William Delgado
  3/6/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. A. J. Wilhelmi
  3/6/2009SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/6/2009SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/10/2009SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue
  3/11/2009SenateAdded as Co-Sponsor Sen. Michael W. Frerichs
  3/12/2009SenateAdded as Co-Sponsor Sen. John M. Sullivan
  3/12/2009SenateTo Revenue Subcommittee on Special Issues
  3/13/2009SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  3/13/2009SenateRule 3-9(a) / Re-referred to Assignments
  3/26/2009SenateAdded as Co-Sponsor Sen. Chris Lauzen
  4/3/2009SenateRule 2-10 Third Reading Deadline Established As April 30, 2009
  1/12/2011SenateSession Sine Die

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