Bill Status of HB5817 102nd General Assembly
Short Description: ENDOW ILLINOIS TAX CREDIT
Rep. Michael J. Zalewski - Norine K. Hammond, Joe Sosnowski, Michael Halpin, Denyse Wang Stoneback, Thomas M. Bennett, Jehan Gordon-Booth, Jackie Haas, Camille Y. Lilly, LaToya Greenwood, La Shawn K. Ford, Margaret Croke, Elizabeth Hernandez and William Davis
| 1/10/2023||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Endow Illinois Tax Credit Act. Creates an income tax credit for taxpayers who provide an endowment gift to a permanent endowment fund. Provides that the amount of the credit is an amount equal to 50% of the endowment gift. Sets forth the aggregate amount of the credit. Provides that the Department of Revenue shall administer the credit. Provides that the Department of Revenue shall submit an annual report to the Governor and the General Assembly concerning the activities conducted under the Act during the previous calendar year. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.