Bill Status of HB 1016   98th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. William Davis-Joe Sosnowski-Pam Roth-Naomi D. Jakobsson-Robert W. Pritchard, Emanuel Chris Welch, Kenneth Dunkin, Jehan A. Gordon-Booth, Jil Tracy and Norine Hammond

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 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 2013, $25,000,000 in 2014, or $50,000,000 in 2015 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
  1/30/2013HouseFiled with the Clerk by Rep. William Davis
  1/30/2013HouseFirst Reading
  1/30/2013HouseReferred to Rules Committee
  2/13/2013HouseAssigned to Revenue & Finance Committee
  2/20/2013HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
  2/26/2013HouseAdded Chief Co-Sponsor Rep. Pam Roth
  3/12/2013HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
  3/13/2013HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  3/14/2013HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  3/14/2013HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  3/14/2013HouseAdded Co-Sponsor Rep. Jehan A. Gordon-Booth
  3/14/2013HouseAdded Co-Sponsor Rep. Jil Tracy
  3/14/2013HouseAdded Co-Sponsor Rep. Norine Hammond
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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