Bill Status of HB4501 97th General Assembly
Short Description: ENDOWMENT DONATION CREDIT
Rep. William Davis - Cynthia Soto - Robert W. Pritchard - Patrick J. Verschoore - Donald L. Moffitt, Jim Watson, Norine Hammond, Jil Tracy, Linda Chapa LaVia, Kay Hatcher, Sandra M. Pihos, Dave Winters, Richard Morthland, Joe Sosnowski, Robyn Gabel and Naomi D. Jakobsson
| 1/8/2013||House||Session Sine Die|
Statutes Amended In Order of Appearance
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.