REVENUE-ENDOW ILLINOIS House SponsorsRep. Michael J. Zalewski-Norine K. Hammond and Joe Sosnowski 1/10/2023HouseSession Sine Die New Act35 ILCS 5/205from Ch. 120, par. 2-20535 ILCS 5/232 new 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. 2/11/2021HouseFiled with the Clerk by Rep. Michael J. Zalewski 2/17/2021HouseFirst Reading 2/17/2021HouseReferred to Rules Committee 3/9/2021HouseAssigned to Revenue & Finance Committee 3/18/2021HouseTo Income Tax Subcommittee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 3/11/2022HouseAdded Co-Sponsor Rep. Joe Sosnowski 9/30/2022HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond 1/10/2023HouseSession Sine Die