IL HB1241 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 25-7)
Status: Introduced on January 18 2023 - 25% progression
Action: 2024-05-02 - Added Co-Sponsor Rep. Sharon Chung
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Endow Illinois Tax Credit Act. Provides that the Department of Revenue shall award income tax credits to taxpayers who provide an endowment gift to a permanent endowment fund during the taxable year and receive a certificate of receipt for that gift. Provides that the credit is equal to 25% of the endowment gift. Contains provisions setting forth maximum credit amounts. Amends the Illinois Income Tax Act to require an addition modification equal to the amount of any federal deduction claimed for an endowment gift for which a taxpayer receives a credit under the Endow Illinois Tax Credit Act. Makes conforming changes. Effective immediately.

Tracking Information

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Title

ENDOW ILLINOIS CREDIT

Sponsors


History

DateChamberAction
2024-05-02HouseAdded Co-Sponsor Rep. Sharon Chung
2024-04-11HouseAdded Co-Sponsor Rep. Jay Hoffman
2024-04-05HouseHouse Committee Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
2024-04-05HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2024-04-05HouseRule 19(a) / Re-referred to Rules Committee
2024-03-08HouseHouse Committee Amendment No. 2 To Revenue - Tax Credit and Incentives Subcommittee
2024-03-08HouseHouse Committee Amendment No. 1 To Revenue - Tax Credit and Incentives Subcommittee
2024-03-08HouseTo Revenue - Tax Credit and Incentives Subcommittee
2024-03-05HouseHouse Committee Amendment No. 2 Rules Refers to Revenue & Finance Committee
2024-02-26HouseAdded Co-Sponsor Rep. Harry Benton
2024-02-20HouseHouse Committee Amendment No. 2 Referred to Rules Committee
2024-02-20HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Margaret Croke
2024-01-31HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2024-01-31HouseAssigned to Revenue & Finance Committee
2024-01-23HouseAdded Co-Sponsor Rep. Anna Moeller
2023-12-20HouseAdded Co-Sponsor Rep. Dave Vella
2023-12-13HouseAdded Co-Sponsor Rep. Dagmara Avelar
2023-12-07HouseAdded Co-Sponsor Rep. Katie Stuart
2023-05-19HouseRemoved Co-Sponsor Rep. Lilian Jiménez
2023-05-10HouseAdded Co-Sponsor Rep. Matt Hanson
2023-05-10HouseAdded Co-Sponsor Rep. Aaron M. Ortiz
2023-05-05HouseAdded Co-Sponsor Rep. Diane Blair-Sherlock
2023-05-05HouseAdded Chief Co-Sponsor Rep. Natalie A. Manley
2023-04-27HouseAdded Co-Sponsor Rep. Angelica Guerrero-Cuellar
2023-04-14HouseAdded Co-Sponsor Rep. Kevin John Olickal
2023-04-11HouseAdded Co-Sponsor Rep. La Shawn K. Ford
2023-04-11HouseAdded Co-Sponsor Rep. William E Hauter
2023-04-11HouseAdded Co-Sponsor Rep. Lilian Jiménez
2023-04-11HouseAdded Co-Sponsor Rep. Nabeela Syed
2023-04-04HouseAdded Co-Sponsor Rep. Bob Morgan
2023-04-04HouseAdded Co-Sponsor Rep. Mary E. Flowers
2023-04-03HouseAdded Co-Sponsor Rep. Joyce Mason
2023-03-23HouseAdded Co-Sponsor Rep. Gregg Johnson
2023-03-23HouseAdded Co-Sponsor Rep. Edgar Gonzalez, Jr.
2023-03-22HouseAdded Co-Sponsor Rep. Dave Severin
2023-03-13HouseAdded Chief Co-Sponsor Rep. Ryan Spain
2023-03-10HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
2023-03-10HouseRule 19(a) / Re-referred to Rules Committee
2023-03-07HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
2023-03-02HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2023-03-02HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
2023-02-28HouseAdded Co-Sponsor Rep. Travis Weaver
2023-02-23HouseAdded Chief Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
2023-02-16HouseTo Revenue - Tax Credit and Incentives Subcommittee
2023-02-14HouseAdded Co-Sponsor Rep. Maurice A. West, II
2023-02-10HouseAdded Co-Sponsor Rep. Dan Swanson
2023-02-08HouseAdded Co-Sponsor Rep. Robert "Bob" Rita
2023-02-07HouseAssigned to Revenue & Finance Committee
2023-01-31HouseReferred to Rules Committee
2023-01-31HouseFirst Reading
2023-01-27HouseAdded Co-Sponsor Rep. Joe C. Sosnowski
2023-01-19HouseAdded Co-Sponsor Rep. William "Will" Davis
2023-01-19HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
2023-01-18HouseFiled with the Clerk by Rep. Margaret Croke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355203Amended CodeCitation Text
355234New CodeSee Bill Text

Illinois State Sources


Bill Comments

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