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 of Revenue may authorize may not exceed $10,000,000 in 2022, $25,000,000 in 2023, or $50,000,000 in 2024 and each calendar year thereafter. Provides conditions for eligibility. Requires the Department of Revenue 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. Further amends the Illinois Income Tax Act to provide that provisions concerning the unrelated business taxable income of an exempt organization apply for taxable years beginning on or after January 1, 2021 (currently, January 1, 2019). Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 8-2)

Status: (Introduced - Dead) 2023-01-04 - Added as Chief Co-Sponsor Sen. Dale Fowler [SB2052 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Omar Aquino [D]	Primary	Sponsored Bills	SD-002	FollowTheMoney	Ballotpedia	VoteSmart
Senator Sara Feigenholtz [D]	Cosponsor	Sponsored Bills	SD-006	FollowTheMoney	Ballotpedia	VoteSmart
Senator Ram Villivalam [D]	Cosponsor	Sponsored Bills	SD-008	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Koehler [D]	Cosponsor	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator Dale Fowler [R]	Cosponsor	Sponsored Bills	SD-059	FollowTheMoney	Ballotpedia	VoteSmart
Senator Celina Villanueva [D]	Cosponsor	Sponsored Bills	SD-012	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jil Tracy [R]	Cosponsor	Sponsored Bills	SD-050	FollowTheMoney	Ballotpedia	VoteSmart
Senator Robert Peters [D]	Cosponsor	Sponsored Bills	SD-013	FollowTheMoney	Ballotpedia	VoteSmart
Senator Linda Holmes [D]	Cosponsor	Sponsored Bills	SD-042	FollowTheMoney	Ballotpedia	VoteSmart

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