Illinois General Assembly - Bill Status for HB5401
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 Bill Status of HB5401  102nd General Assembly


Short Description:  REVENUE-ENDOW ILLINOIS

House Sponsors
Rep. Norine K. Hammond and Andrew S. Chesney

Last Action
DateChamber Action
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/205from Ch. 120, par. 2-205
35 ILCS 5/232 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 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.

Actions 
DateChamber Action
  1/28/2022HouseFiled with the Clerk by Rep. Norine K. Hammond
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee
  2/9/2022HouseAssigned to Revenue & Finance Committee
  2/15/2022HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Norine K. Hammond
  2/15/2022HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  2/15/2022HouseTo Income Tax Subcommittee
  2/16/2022HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  2/16/2022HouseAdded Co-Sponsor Rep. Andrew S. Chesney
  2/18/2022HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee

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