SB 2052

  • Illinois Senate Bill
  • 102nd Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Revenue-Endow Illinois

Abstract

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.

Bill Sponsors (10)

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Jan 04, 2023

Senate

Added as Chief Co-Sponsor Sen. Dale Fowler

Dec 19, 2022

Senate

Added as Co-Sponsor Sen. Linda Holmes

Dec 09, 2022

Senate

Added as Co-Sponsor Sen. Robert Peters

Nov 30, 2022

Senate

Added as Co-Sponsor Sen. Jil Tracy

Senate

Added as Co-Sponsor Sen. Jacqueline Y. Collins

Nov 29, 2022

Senate

Added as Chief Co-Sponsor Sen. David Koehler

Senate

Added as Co-Sponsor Sen. Celina Villanueva

Nov 22, 2022

Senate

Added as Chief Co-Sponsor Sen. Ram Villivalam

Nov 16, 2022

Senate

Added as Chief Co-Sponsor Sen. Sara Feigenholtz

Apr 16, 2021

Senate

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

Mar 24, 2021

Senate

To Credits, Deductions, and Exemptions

Mar 16, 2021

Senate

Assigned to Revenue

Feb 26, 2021

Senate

Filed with Secretary by Sen. Omar Aquino

Senate

Referred to Assignments

Senate

First Reading

Bill Text

Bill Text Versions Format
Introduced HTML PDF

Related Documents

Document Format
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Sources

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