IL HB1525 | 2011-2012 | 97th General Assembly

Status

Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 14-5)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

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 2011, $25,000,000 in 2012, or $50,000,000 in 2013 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.

Tracking Information

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Title

ENDOWMENT DONATION CREDIT

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2011-03-17HouseRule 19(a) / Re-referred to Rules Committee
2011-03-17HouseAdded Co-Sponsor Rep. Mark H. Beaubien, Jr.
2011-03-10HouseAdded Co-Sponsor Rep. Pam Roth
2011-03-10HouseAdded Co-Sponsor Rep. Randy Ramey, Jr.
2011-03-10HouseAdded Co-Sponsor Rep. Robyn Gabel
2011-03-10HouseAdded Co-Sponsor Rep. Richard Morthland
2011-03-10HouseAdded Co-Sponsor Rep. Chris Nybo
2011-03-10HouseAdded Co-Sponsor Rep. Joe Sosnowski
2011-03-10HouseAdded Co-Sponsor Rep. Daniel Biss
2011-03-10HouseAdded Co-Sponsor Rep. Donald L. Moffitt
2011-03-10HouseAdded Co-Sponsor Rep. Jim Durkin
2011-03-10HouseAdded Co-Sponsor Rep. Rich Brauer
2011-03-10HouseAdded Co-Sponsor Rep. Raymond Poe
2011-03-09HouseAdded Co-Sponsor Rep. Roger L. Eddy
2011-03-08HouseAdded Chief Co-Sponsor Rep. Jim Watson
2011-03-08HouseAdded Co-Sponsor Rep. Jil Tracy
2011-03-08HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
2011-03-01HouseAdded Chief Co-Sponsor Rep. Cynthia Soto
2011-02-22HouseAdded Chief Co-Sponsor Rep. William Davis
2011-02-22HouseAssigned to Revenue & Finance Committee
2011-02-15HouseReferred to Rules Committee
2011-02-15HouseFirst Reading
2011-02-15HouseFiled with the Clerk by Rep. Robert W. Pritchard

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355221New CodeSee Bill Text

Illinois State Sources


Bill Comments

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