Date	Chamber	Action
1/10/2023	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/205

from Ch. 120, par. 2-205

35 ILCS 5/232 new

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 of Revenue may authorize may not exceed $10,000,000 in 2022, $25,000,000 in 2023, or $50,000,000 in 2024 and each calendar year thereafter. Provides conditions for eligibility. Requires the Department of Revenue 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. Further amends the Illinois Income Tax Act to provide that provisions concerning the unrelated business taxable income of an exempt organization apply for taxable years beginning on or after January 1, 2021 (currently, January 1, 2019). Effective immediately.

Actions 

Date	Chamber	Action
2/11/2021	House	Filed with the Clerk by Rep. Michael J. Zalewski
2/17/2021	House	First Reading
2/17/2021	House	Referred to Rules Committee
3/9/2021	House	Assigned to Revenue & Finance Committee
3/18/2021	House	To Income Tax Subcommittee
3/27/2021	House	Rule 19(a) / Re-referred to Rules Committee
3/11/2022	House	Added Co-Sponsor Rep. Joe Sosnowski
9/30/2022	House	Added Chief Co-Sponsor Rep. Norine K. Hammond
1/10/2023	House	Session Sine Die

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