Bill Status of HB 1525   97th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Robert W. Pritchard-William Davis-Cynthia Soto-Naomi D. Jakobsson-Jim Watson, Jil Tracy, Roger L. Eddy, Raymond Poe, Rich Brauer, Jim Durkin, Donald L. Moffitt, Daniel Biss, Joe Sosnowski, Chris Nybo, Richard Morthland, Robyn Gabel, Randy Ramey, Jr., Pam Roth and Mark H. Beaubien, Jr.

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/221 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 may authorize may not exceed $10,000,000 in 2011, $25,000,000 in 2012, or $50,000,000 in 2013 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.

Actions 
DateChamber Action
  2/15/2011HouseFiled with the Clerk by Rep. Robert W. Pritchard
  2/15/2011HouseFirst Reading
  2/15/2011HouseReferred to Rules Committee
  2/22/2011HouseAssigned to Revenue & Finance Committee
  2/22/2011HouseAdded Chief Co-Sponsor Rep. William Davis
  3/1/2011HouseAdded Chief Co-Sponsor Rep. Cynthia Soto
  3/8/2011HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
  3/8/2011HouseAdded Co-Sponsor Rep. Jil Tracy
  3/8/2011HouseAdded Chief Co-Sponsor Rep. Jim Watson
  3/9/2011HouseAdded Co-Sponsor Rep. Roger L. Eddy
  3/10/2011HouseAdded Co-Sponsor Rep. Raymond Poe
  3/10/2011HouseAdded Co-Sponsor Rep. Rich Brauer
  3/10/2011HouseAdded Co-Sponsor Rep. Jim Durkin
  3/10/2011HouseAdded Co-Sponsor Rep. Donald L. Moffitt
  3/10/2011HouseAdded Co-Sponsor Rep. Daniel Biss
  3/10/2011HouseAdded Co-Sponsor Rep. Joe Sosnowski
  3/10/2011HouseAdded Co-Sponsor Rep. Chris Nybo
  3/10/2011HouseAdded Co-Sponsor Rep. Richard Morthland
  3/10/2011HouseAdded Co-Sponsor Rep. Robyn Gabel
  3/10/2011HouseAdded Co-Sponsor Rep. Randy Ramey, Jr.
  3/10/2011HouseAdded Co-Sponsor Rep. Pam Roth
  3/17/2011HouseAdded Co-Sponsor Rep. Mark H. Beaubien, Jr.
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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