HB4740 - Endow Illinois Tax Credit Act

• Creates income tax credit equal to 50% of endowment gifts made to permanent endowment funds held by qualified community foundations in Illinois.

• Establishes annual aggregate credit caps: $5,000,000 in 2014, $12,500,000 in 2015, and $25,000,000 in 2016 and thereafter, with per-taxpayer limits of $500,000, $1,250,000, and $2,500,000 respectively for the same years.

• Restricts eligibility for non-individual taxpayers whose average gross business receipts exceed $5,000,000 (2014), $12,500,000 (2015), or $25,000,000 (2016+) in the 3 preceding taxable years.

• Allows unused tax credits to be carried forward for 5 taxable years but not carried back, and reserves 10% of annual allocations for endowment gifts of $30,000 or less.

• Requires Department of Commerce and Economic Opportunity to process applications jointly with qualified community foundations, publish semi-annual reports on credit requests, and submit annual reports to Governor and General Assembly.