Bill Title: Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity shall award an income tax credit to taxpayers who provide an endowment gift to a permanent endowment fund. Provides that the amount of the credit shall be equal to 50% of the endowment gift. Sets forth procedures and criteria for authorizing the credits. Limits the aggregate amount of credits that may be awarded in each calendar year. 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.

Sponsorship: Bipartisan Bill

Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB3617 Detail]

Text: Latest bill text (Introduced) [HTML]

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