Bill Title: Creates the Endow Illinois Tax Credit Act. Provides that the Department of Revenue shall award income tax credits to taxpayers who provide an endowment gift to a permanent endowment fund during the taxable year and receive a certificate of receipt for that gift. Provides that the credit is equal to 25% of the endowment gift. Contains provisions setting forth maximum credit amounts. Amends the Illinois Income Tax Act to require an addition modification equal to the amount of any federal deduction claimed for an endowment gift for which a taxpayer receives a credit under the Endow Illinois Tax Credit Act. Makes conforming changes. Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 25-7)

Status: (Introduced) 2024-05-02 - Added Co-Sponsor Rep. Sharon Chung [HB1241 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-01-18	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 002	2024-02-20	Proposed	HTML/Text	Link	View
House Amendment 001	2023-03-02	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB1241 currently on file.

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