Illinois Senate Bill 2052 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: Introduced on February 26 2021 - 25% progression, died in committee
Action: 2023-01-04 - Added as Chief Co-Sponsor Sen. Dale Fowler
Pending: Senate Assignments 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

Sen. Omar Aquino [D]	Sen. Sara Feigenholtz [D]	Sen. Ram Villivalam [D]	Sen. David Koehler [D]
Sen. Dale Fowler [R]	Sen. Celina Villanueva [D]	Sen. Jacqueline Collins [D]	Sen. Jil Tracy [R]
Sen. Robert Peters [D]	Sen. Linda Holmes [D]

Date	Chamber	Action
2023-01-04	Senate	Added as Chief Co-Sponsor Sen. Dale Fowler
2022-12-19	Senate	Added as Co-Sponsor Sen. Linda Holmes
2022-12-09	Senate	Added as Co-Sponsor Sen. Robert Peters
2022-11-30	Senate	Added as Co-Sponsor Sen. Jil Tracy
2022-11-30	Senate	Added as Co-Sponsor Sen. Jacqueline Y. Collins
2022-11-29	Senate	Added as Co-Sponsor Sen. Celina Villanueva
2022-11-29	Senate	Added as Chief Co-Sponsor Sen. David Koehler
2022-11-22	Senate	Added as Chief Co-Sponsor Sen. Ram Villivalam
2022-11-16	Senate	Added as Chief Co-Sponsor Sen. Sara Feigenholtz
2021-04-16	Senate	Rule 3-9(a) / Re-referred to Assignments
2021-03-24	Senate	To Credits, Deductions, and Exemptions
2021-03-16	Senate	Assigned to Revenue
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	Senate	Filed with Secretary by Sen. Omar Aquino

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=2052&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB2052.htm