Bill Title: 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 2011, $25,000,000 in 2012, or $50,000,000 in 2013 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.
Spectrum: Slight Partisan Bill (Republican 14-5)
Status: (Failed) 2013-01-08 - Session Sine Die
[HB1525 Detail]
Bill Drafts
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| Introduced | Not Avail | HTML/Text | Link | View |
Amendments
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| No bill amendments currently on file for Illinois HB1525 |
Supplemental Documents
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| No supplemental documents for Illinois HB1525 currently on file. |
Social Comments on IL HB1525
