IL HB4714 | 2009-2010 | 96th General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: Introduced on December 14 2009 - 25% progression, died in committee
Action: 2010-03-19 - Added Co-Sponsor Rep. Elizabeth Hernandez
Pending: House Rules Committee
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 $50,000,000 in 2010, $75,000,000 in 2011, or $100,000,000 in 2012 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 3 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
2010-03-19 Added Co-Sponsor Rep. Elizabeth Hernandez
2010-03-18 Added Co-Sponsor Rep. Michael K. Smith
2010-03-15 Rule 19(a) / Re-referred to Rules Committee
2010-03-12 Added Co-Sponsor Rep. William Davis
2010-03-10 Added Co-Sponsor Rep. Naomi D. Jakobsson
2010-03-10 Added Co-Sponsor Rep. Kay Hatcher
2010-02-03 Assigned to Revenue & Finance Committee
2010-01-12 Added Chief Co-Sponsor Rep. Linda Chapa LaVia
2010-01-12 Added Chief Co-Sponsor Rep. Mike Boland
2010-01-12 Added Chief Co-Sponsor Rep. Cynthia Soto
2010-01-12 Added Chief Co-Sponsor Rep. Robert F. Flider
2010-01-04 Referred to Rules Committee
2010-01-04 First Reading
2009-12-14 Filed with the Clerk by Rep. Robert W. Pritchard

Illinois State Sources


Bill Comments

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