Bill Status of SB2057 102nd General Assembly
Short Description: REVENUE-ENDOW ILLINOIS
Sen. Omar Aquino
| 2/26/2021||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
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 2021, $25,000,000 in 2022, or $50,000,000 in 2023 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.
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. Omar Aquino|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|