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 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.

Sponsorship: Slight Partisan Bill (Republican 10-6)

Status: (Failed) 2013-01-08 - Session Sine Die [HB4501 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2012-01-31	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4501

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4501 currently on file.