Illinois General Assembly - Bill Status for HB4237

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the contributions made by the taxpayer to the Illinois Excellence Fund during the taxable year. Amends the State Finance Act. Creates the Illinois Excellence Fund. Provides that moneys in the Fund shall be used for exclusively public purposes, as specified under Section 170 of the Internal Revenue Code relating to charitable contributions and gifts. Amends the Counties Code. Provides that the county board may establish a fund in the county treasury for the purpose of accepting contributions for exclusively public purposes, as specified under Section 170 of the Internal Revenue Code relating to charitable contributions and gifts and may provide for a credit against the taxpayer's property tax liability in an amount equal to the amount of the contribution. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: (1) provides that the Fund shall be known as the Illinois Education Excellence Fund; (2) provides that the Illinois Education Excellence Fund may accept contributions for exclusively public education purposes; (3) provides that the tax credits for contributions to the Illinois Education Excellence Fund and the county fund for charitable purposes apply to individual taxpayers only; (4) provides that the State Treasurer shall provide a copy of the certification to the taxpayer and the Department of Revenue as soon as possible after the contribution is certified; (5) provides that the income tax credit applies for taxable years ending after December 31, 2017 and before January 1, 2026; and (6) provides that provisions amending the Counties Code apply for taxable years 2018 through 2025. Effective immediately.

Makes changes to the bill as amended by House Amendment 1 to provide that contribution certifications may be provided electronically.

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: (1) provides that the income tax credit is in an amount equal to 90% (instead of 100%) of the contributions made by the taxpayer to the Illinois Education Excellence Fund; (2) provides that moneys in the Illinois Education Excellence Fund shall be transferred to the Common School Fund on an annual basis and shall be used for public education purposes; and (3) removes provisions amending the Counties Code. Creates the Local Government Charitable Fund Act. Provides that, upon authorization by the county in which the local unit is located, a local unit may establish one or more charitable funds for specific public purposes of that local unit. Provides that a person or entity may donate to a charitable fund on behalf of specified property located in the local unit. Provides that the property is entitled to a property tax credit equal to a percentage of the contribution amount, subject to certain annual caps. Effective immediately.

Adds provisions to the bill as amended by Senate Amendment No. 1. Amends the Illinois Administrative Procedure Act and further amends the State Finance Act. Provides for emergency rulemaking to administer the Illinois Education Excellence Fund.

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