SB 1935 Illinois Senate · 96th Regular Session

ENDOWMENT DONATION CREDIT

Summary

Creates the Endow Illinois Tax Credit Act and amends the Illinois Income Tax Act. Requires the Department of Commerce and Economic Opportunity 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 in any calendar year may not exceed $50,000,000. 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.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2009

Committee Review

Floor Vote

Governor

Introduced Feb 20, 2009 Last action Jan 12, 2011

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 12, 2011

Senate · Failed

Session Sine Die

Mar 13, 2009

Senate · Referred to committee

Rule 3-9(a) / Re-referred to Assignments

Mar 13, 2009

Senate · Referred to committee

Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

Mar 12, 2009

Senate · Reported by committee

To Revenue Subcommittee on Special Issues

Mar 10, 2009

Senate · Reported by committee

Senate Committee Amendment No. 1 Assignments Refers to Revenue

Mar 6, 2009

Senate · Referred to committee

Senate Committee Amendment No. 1 Referred to Assignments

Mar 6, 2009

Senate · Amendment offered

Senate Committee Amendment No. 1 Filed with Secretary by Sen. A. J. Wilhelmi

Mar 4, 2009

Senate · Referred to committee

Assigned to Revenue

Feb 20, 2009

Senate · Referred to committee

Referred to Assignments

0 primary · 1 co-sponsor