Cynthia Soto
- Democratic
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 $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.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
To Income Tax Subcommittee
Added Chief Co-Sponsor Rep. Robert W. Pritchard
Added Chief Co-Sponsor Rep. William Davis
Added Chief Co-Sponsor Rep. Naomi D. Jakobsson
Added Chief Co-Sponsor Rep. Linda Chapa LaVia
Assigned to Revenue & Finance Committee
First Reading
Filed with the Clerk by Rep. Cynthia Soto
Referred to Rules Committee
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