Date	Chamber	Action
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/234 new

Synopsis As Introduced
Creates the Endow Illinois Tax Credit 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 2023, $25,000,000 in 2024, or $50,000,000 in 2025 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. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

Actions 

Date	Chamber	Action
2/16/2023	House	Filed with the Clerk by Rep. Norine K. Hammond
2/16/2023	House	First Reading
2/16/2023	House	Referred to Rules Committee
2/28/2023	House	Assigned to Revenue & Finance Committee
3/9/2023	House	To Revenue - Tax Credit and Incentives Subcommittee
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

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