Bill Status of HB 4714   96th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Robert W. Pritchard-Robert F. Flider-Cynthia Soto-Mike Boland-Linda Chapa LaVia, Kay Hatcher, Naomi D. Jakobsson, William Davis, Michael K. Smith and Elizabeth Hernandez

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/219 new

Synopsis As Introduced
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 $50,000,000 in 2010, $75,000,000 in 2011, or $100,000,000 in 2012 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 3 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

Actions 
DateChamber Action
  12/14/2009HouseFiled with the Clerk by Rep. Robert W. Pritchard
  1/4/2010HouseFirst Reading
  1/4/2010HouseReferred to Rules Committee
  1/12/2010HouseAdded Chief Co-Sponsor Rep. Robert F. Flider
  1/12/2010HouseAdded Chief Co-Sponsor Rep. Cynthia Soto
  1/12/2010HouseAdded Chief Co-Sponsor Rep. Mike Boland
  1/12/2010HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  2/3/2010HouseAssigned to Revenue & Finance Committee
  3/10/2010HouseAdded Co-Sponsor Rep. Kay Hatcher
  3/10/2010HouseAdded Co-Sponsor Rep. Naomi D. Jakobsson
  3/12/2010HouseAdded Co-Sponsor Rep. William Davis
  3/15/2010HouseRule 19(a) / Re-referred to Rules Committee
  3/18/2010HouseAdded Co-Sponsor Rep. Michael K. Smith
  3/19/2010HouseAdded Co-Sponsor Rep. Elizabeth Hernandez
  1/11/2011HouseSession Sine Die

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