HB1241 - ENDOW ILLINOIS CREDIT
Illinois - 103rd General Assembly
Introduced byMargaret Noble Croke, Norine K. Hammond, Elizabeth Hernandez
Last updated over 1 year ago
32 Co-Sponsors
Creates the Endow Illinois Tax Credit Act. Provides that the Department of Revenue shall award income tax credits to taxpayers who provide an endowment gift to a permanent endowment fund during the taxable year and receive a certificate of receipt for that gift. Provides that the credit is equal to 25% of the endowment gift. Contains provisions setting forth maximum credit amounts. Amends the Illinois Income Tax Act to require an addition modification equal to the amount of any federal deduction claimed for an endowment gift for which a taxpayer receives a credit under the Endow Illinois Tax Credit Act. Makes conforming changes. Effective immediately.
STATUS
Introduced
Verifications Required
You must be a verified voter to do that.
No Thanks, I'll do it later
Verify your identity now