Bill Status of HB 4501   97th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. William Davis-Cynthia Soto-Robert W. Pritchard-Patrick J. Verschoore-Donald L. Moffitt, Jim Watson, Norine Hammond, Jil Tracy, Linda Chapa LaVia, Kay Hatcher, Sandra M. Pihos, Dave Winters, Richard Morthland, Joe Sosnowski, Robyn Gabel and Naomi D. Jakobsson

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/223 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 2012, $25,000,000 in 2013, or $50,000,000 in 2014 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
  1/31/2012HouseFiled with the Clerk by Rep. William Davis
  1/31/2012HouseFirst Reading
  1/31/2012HouseReferred to Rules Committee
  2/7/2012HouseAssigned to Revenue & Finance Committee
  2/7/2012HouseAdded Chief Co-Sponsor Rep. Cynthia Soto
  2/14/2012HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  2/29/2012HouseAdded Chief Co-Sponsor Rep. Patrick J. Verschoore
  3/8/2012HouseAdded Chief Co-Sponsor Rep. Donald L. Moffitt
  3/9/2012HouseRule 19(a) / Re-referred to Rules Committee
  3/16/2012HouseAdded Co-Sponsor Rep. Jim Watson
  3/19/2012HouseAdded Co-Sponsor Rep. Norine Hammond
  3/20/2012HouseAdded Co-Sponsor Rep. Jil Tracy
  3/21/2012HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/21/2012HouseAdded Co-Sponsor Rep. Kay Hatcher
  3/21/2012HouseAdded Co-Sponsor Rep. Sandra M. Pihos
  3/22/2012HouseAdded Co-Sponsor Rep. Dave Winters
  3/22/2012HouseAdded Co-Sponsor Rep. Richard Morthland
  3/23/2012HouseAdded Co-Sponsor Rep. Joe Sosnowski
  3/26/2012HouseAdded Co-Sponsor Rep. Robyn Gabel
  5/17/2012HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  1/8/2013HouseSession Sine Die

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