Illinois House Bill 1761 (Prior Session Legislation)

---

Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on February 11 2021 - 25% progression, died in committee
Action: 2022-09-30 - Added Chief Co-Sponsor Rep. Norine K. Hammond
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

REVENUE-ENDOW ILLINOIS

Rep. Michael Zalewski [D]

Rep. Norine Hammond [R]

Rep. Joe Sosnowski [R]

Date	Chamber	Action
2022-09-30	House	Added Chief Co-Sponsor Rep. Norine K. Hammond
2022-03-11	House	Added Co-Sponsor Rep. Joe Sosnowski
2021-03-27	House	Rule 19(a) / Re-referred to Rules Committee
2021-03-18	House	To Income Tax Subcommittee
2021-03-09	House	Assigned to Revenue & Finance Committee
2021-02-17	House	Referred to Rules Committee
2021-02-17	House	First Reading
2021-02-11	House	Filed with the Clerk by Rep. Michael J. Zalewski

Chapter	Article	Section	Citation Type	Statute Text
35	5	205	Amended Code	Citation Text
35	5	232	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1761&GAID=16&DocTypeID=HB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/HB/10200HB1761.htm