HB 4740 — ENDOWMENT DONATION CREDIT
Last action — Session Sine Die
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✓Introduced
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2In Committee
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3Passed House
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
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 may authorize may not exceed $5,000,000 in 2014, $12,500,000 in 2015, or $25,000,000 in 2016 and each calendar year thereafter. Provides conditions for eligibility. 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 Text
- Introduced View text Current html
Action History
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Session Sine Die
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Rule 19(a) / Re-referred to Rules Committee
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To Income Tax Subcommittee
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Added Chief Co-Sponsor Rep. Linda Chapa LaVia
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Added Chief Co-Sponsor Rep. Naomi D. Jakobsson
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Added Chief Co-Sponsor Rep. Robert W. Pritchard
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Added Chief Co-Sponsor Rep. William Davis
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Assigned to Revenue & Finance Committee
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Referred to Rules Committee
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First Reading
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Filed with the Clerk by Rep. Cynthia Soto
Sponsors
- Cynthia Soto · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 1 co-sponsors · 182 not signed on
Sponsors (0)
None.
Co-sponsors (1)
- Cynthia Soto
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HB 4740 do?
- 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 may authorize may not exceed $5,000,000 in 2014, $12,500,000 in 2015, or $25,000,000 in 2016 and each calendar year thereafter. Provides conditions for eligibility. 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.
- Who sponsors HB 4740?
- HB 4740 is sponsored by Cynthia Soto.
- What is the current status of HB 4740?
- This bill died with 98th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HB 4740?
- Track HB 4740 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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