Robert W. Pritchard
- Republican
Primary
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 $50,000,000 in 2010, $75,000,000 in 2011, or $100,000,000 in 2012 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 3 years. Exempts the credit from the Act's sunset provisions. Effective immediately.
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Session Sine Die
Added Co-Sponsor Rep. Elizabeth Hernandez
Added Co-Sponsor Rep. Michael K. Smith
Rule 19(a) / Re-referred to Rules Committee
Added Co-Sponsor Rep. William Davis
Added Co-Sponsor Rep. Kay Hatcher
Added Co-Sponsor Rep. Naomi D. Jakobsson
Assigned to Revenue & Finance Committee
Added Chief Co-Sponsor Rep. Cynthia Soto
Added Chief Co-Sponsor Rep. Linda Chapa LaVia
Added Chief Co-Sponsor Rep. Mike Boland
Added Chief Co-Sponsor Rep. Robert F. Flider
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Robert W. Pritchard
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