Bill Status of SB 2052   102nd General Assembly

Short Description:  REVENUE-ENDOW ILLINOIS

Senate Sponsors
Sen. Omar Aquino-Sara Feigenholtz-Ram Villivalam-David Koehler, Celina Villanueva, Jacqueline Y. Collins, Jil Tracy, Robert Peters and Linda Holmes-Dale Fowler

Last Action  View All Actions

DateChamber Action
  1/10/2023SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/205from 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 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Omar Aquino
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/16/2021SenateAssigned to Revenue
  3/24/2021SenateTo Credits, Deductions, and Exemptions
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments
  11/16/2022SenateAdded as Chief Co-Sponsor Sen. Sara Feigenholtz
  11/22/2022SenateAdded as Chief Co-Sponsor Sen. Ram Villivalam
  11/29/2022SenateAdded as Chief Co-Sponsor Sen. David Koehler
  11/29/2022SenateAdded as Co-Sponsor Sen. Celina Villanueva
  11/30/2022SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins
  11/30/2022SenateAdded as Co-Sponsor Sen. Jil Tracy
  12/9/2022SenateAdded as Co-Sponsor Sen. Robert Peters
  12/19/2022SenateAdded as Co-Sponsor Sen. Linda Holmes
  1/4/2023SenateAdded as Chief Co-Sponsor Sen. Dale Fowler
  1/10/2023SenateSession Sine Die

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