Illinois House Bill 4501 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 10-6)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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 2012, $25,000,000 in 2013, or $50,000,000 in 2014 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.

ENDOWMENT DONATION CREDIT

Rep. William Davis [D]	Rep. Cynthia Soto [D]	Rep. Robert Pritchard [R]	Rep. Patrick Verschoore [D]
Rep. Donald Moffitt [R]	Rep. Jim Watson [R]	Rep. Norine Hammond [R]	Sen. Jil Tracy [R]
Rep. Linda LaVia [D]	Rep. Kay Hatcher [R]	Rep. Sandra Pihos [R]	Rep. Dave Winters [R]
Rep. Richard Morthland [R]	Rep. Joe Sosnowski [R]	Rep. Robyn Gabel [D]	Rep. Naomi Jakobsson [D]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-05-17	House	Added Co-Sponsor Rep. Naomi D. Jakobsson
2012-03-26	House	Added Co-Sponsor Rep. Robyn Gabel
2012-03-23	House	Added Co-Sponsor Rep. Joe Sosnowski
2012-03-22	House	Added Co-Sponsor Rep. Richard Morthland
2012-03-22	House	Added Co-Sponsor Rep. Dave Winters
2012-03-21	House	Added Co-Sponsor Rep. Sandra M. Pihos
2012-03-21	House	Added Co-Sponsor Rep. Kay Hatcher
2012-03-21	House	Added Co-Sponsor Rep. Linda Chapa LaVia
2012-03-20	House	Added Co-Sponsor Rep. Jil Tracy
2012-03-19	House	Added Co-Sponsor Rep. Norine Hammond
2012-03-16	House	Added Co-Sponsor Rep. Jim Watson
2012-03-09	House	Rule 19(a) / Re-referred to Rules Committee
2012-03-08	House	Added Chief Co-Sponsor Rep. Donald L. Moffitt
2012-02-29	House	Added Chief Co-Sponsor Rep. Patrick J. Verschoore
2012-02-14	House	Added Chief Co-Sponsor Rep. Robert W. Pritchard
2012-02-07	House	Added Chief Co-Sponsor Rep. Cynthia Soto
2012-02-07	House	Assigned to Revenue & Finance Committee
2012-01-31	House	Referred to Rules Committee
2012-01-31	House	First Reading
2012-01-31	House	Filed with the Clerk by Rep. William Davis

Chapter	Article	Section	Citation Type	Statute Text
35	5	223	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4501&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB4501.htm