Illinois House Bill 2990

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 16 2023 - 25% progression
Action: 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Endow Illinois Tax Credit 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 2023, $25,000,000 in 2024, or $50,000,000 in 2025 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. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

REVENUE-ENDOW ILLINOIS

Rep. Norine Hammond [R]

Date	Chamber	Action
2023-03-10	House	Rule 19(a) / Re-referred to Rules Committee
2023-03-09	House	To Revenue - Tax Credit and Incentives Subcommittee
2023-02-28	House	Assigned to Revenue & Finance Committee
2023-02-16	House	Referred to Rules Committee
2023-02-16	House	First Reading
2023-02-16	House	Filed with the Clerk by Rep. Norine K. Hammond

Chapter	Article	Section	Citation Type	Statute Text
35	5	234	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2990&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB2990.htm