Bill Status of HB 4740   98th General Assembly

Short Description:  ENDOWMENT DONATION CREDIT

House Sponsors
Rep. Cynthia Soto-William Davis-Robert W. Pritchard-Naomi D. Jakobsson-Linda Chapa LaVia

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/224 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 $5,000,000 in 2014, $12,500,000 in 2015, or $25,000,000 in 2016 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.

Actions 
DateChamber Action
  2/5/2014HouseFiled with the Clerk by Rep. Cynthia Soto
  2/5/2014HouseFirst Reading
  2/5/2014HouseReferred to Rules Committee
  3/3/2014HouseAssigned to Revenue & Finance Committee
  3/5/2014HouseAdded Chief Co-Sponsor Rep. William Davis
  3/5/2014HouseAdded Chief Co-Sponsor Rep. Robert W. Pritchard
  3/5/2014HouseAdded Chief Co-Sponsor Rep. Naomi D. Jakobsson
  3/5/2014HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  3/11/2014HouseTo Income Tax Subcommittee
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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