Illinois General Assembly

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 Bill Status of HB4542  95th General Assembly


Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Robert W. Pritchard - Jim Watson - Patricia Reid Lindner - Robert F. Flider, Mike Bost, Jil Tracy, Dave Winters, Jack D. Franks, Mike Boland, David Reis and Michael Tryon

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/218 new


Synopsis As Introduced
Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Requires the Department of Commerce and Economic Opportunity 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 in any calendar year may not exceed $50,000,000. 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.

Actions 
DateChamber Action
  1/18/2008HouseFiled with the Clerk by Rep. Robert W. Pritchard
  1/18/2008HouseFirst Reading
  1/18/2008HouseReferred to Rules Committee
  2/5/2008HouseAdded Chief Co-Sponsor Rep. Jim Watson
  2/6/2008HouseAssigned to Revenue Committee
  2/13/2008HouseAdded Chief Co-Sponsor Rep. Patricia Reid Lindner
  2/13/2008HouseAdded Co-Sponsor Rep. Mike Bost
  2/13/2008HouseAdded Co-Sponsor Rep. Jil Tracy
  2/13/2008HouseAdded Co-Sponsor Rep. Dave Winters
  2/21/2008HouseAdded Chief Co-Sponsor Rep. Robert F. Flider
  3/5/2008HouseAdded Co-Sponsor Rep. Jack D. Franks
  3/13/2008HouseAdded Co-Sponsor Rep. Mike Boland
  3/14/2008HouseRule 19(a) / Re-referred to Rules Committee
  4/3/2008HouseAdded Co-Sponsor Rep. David Reis
  4/9/2008HouseAdded Co-Sponsor Rep. Michael Tryon
  1/13/2009HouseSession Sine Die

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