HB 1241 Illinois House · 103rd Regular Session

ENDOW ILLINOIS CREDIT

Summary

Creates the Endow Illinois Tax Credit Act. Provides that the Department of Revenue shall award income tax credits to taxpayers who provide an endowment gift to a permanent endowment fund during the taxable year and receive a certificate of receipt for that gift. Provides that the credit is equal to 25% of the endowment gift. Contains provisions setting forth maximum credit amounts. Amends the Illinois Income Tax Act to require an addition modification equal to the amount of any federal deduction claimed for an endowment gift for which a taxpayer receives a credit under the Endow Illinois Tax Credit Act. Makes conforming changes. Effective immediately.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2023

Committee Review

Floor Vote

Governor

Introduced Jan 18, 2023 Last action May 2, 2024

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 5, 2024

Committee

House Committee Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee

lower

Apr 5, 2024

Committee

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

lower

Apr 5, 2024

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 8, 2024

Lower · Passed

House Committee Amendment No. 2 To Revenue - Tax Credit and Incentives Subcommittee

lower

Mar 8, 2024

Lower · Passed

House Committee Amendment No. 1 To Revenue - Tax Credit and Incentives Subcommittee

lower

Mar 8, 2024

Lower · Passed

To Revenue - Tax Credit and Incentives Subcommittee

lower

Mar 5, 2024

Lower · Passed

House Committee Amendment No. 2 Rules Refers to Revenue & Finance Committee

lower

Feb 20, 2024

Committee

House Committee Amendment No. 2 Referred to Rules Committee

lower

Feb 20, 2024

Introduced

House Committee Amendment No. 2 Filed with Clerk by Rep. Margaret Croke

lower

Jan 31, 2024

Lower · Passed

House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee

lower

Jan 31, 2024

Committee

Assigned to Revenue & Finance Committee

lower

Mar 10, 2023

Committee

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

lower

Mar 10, 2023

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 7, 2023

Lower · Passed

House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee

lower

Mar 2, 2023

Committee

House Committee Amendment No. 1 Referred to Rules Committee

lower

Mar 2, 2023

Introduced

House Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke

lower

Feb 16, 2023

Lower · Passed

To Revenue - Tax Credit and Incentives Subcommittee

lower

Feb 7, 2023

Committee

Assigned to Revenue & Finance Committee

lower

Jan 31, 2023

Committee

Referred to Rules Committee

lower

1 primary · 29 co-sponsors