HB 3617

  • Illinois House Bill
  • 99th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Endowment Donation Credit

Abstract

Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity shall award an income tax credit to taxpayers who provide an endowment gift to a permanent endowment fund. Provides that the amount of the credit shall be equal to 50% of the endowment gift. Sets forth procedures and criteria for authorizing the credits. Limits the aggregate amount of credits that may be awarded in each calendar year. 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.

Bill Sponsors (1)

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Jan 10, 2017

House

Session Sine Die

Apr 08, 2016

House

Rule 19(a) / Re-referred to Rules Committee

Mar 23, 2016

House

To Income Tax Subcommittee

House

Assigned to Revenue & Finance Committee

Apr 29, 2015

House

Added Co-Sponsor Rep. Joe Sosnowski

Apr 24, 2015

House

Added Chief Co-Sponsor Rep. Robert W. Pritchard

House

Added Co-Sponsor Rep. Tom Demmer

Mar 27, 2015

House

Rule 19(a) / Re-referred to Rules Committee

Mar 13, 2015

House

To Income Tax Subcommittee

Mar 10, 2015

House

Assigned to Revenue & Finance Committee

Mar 06, 2015

House

Added Co-Sponsor Rep. William Davis

Feb 26, 2015

House

Filed with the Clerk by Rep. Cynthia Soto

House

Referred to Rules Committee

House

First Reading

Bill Text

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