REVENUE-ENDOW ILLINOIS House SponsorsRep. Norine K. Hammond 1/7/2025HouseSession Sine Die New Act35 ILCS 5/234 new Creates the Endow Illinois Tax Credit 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 2023, $25,000,000 in 2024, or $50,000,000 in 2025 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. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately. 2/16/2023HouseFiled with the Clerk by Rep. Norine K. Hammond 2/16/2023HouseFirst Reading 2/16/2023HouseReferred to Rules Committee 2/28/2023HouseAssigned to Revenue & Finance Committee 3/9/2023HouseTo Revenue - Tax Credit and Incentives Subcommittee 3/10/2023HouseRule 19(a) / Re-referred to Rules Committee 1/7/2025HouseSession Sine Die