HB3617 - Endow Illinois Tax Credit Act

• Establishes a 50% income tax credit for taxpayers who make irrevocable endowment gifts in cash or stock to permanent endowment funds held by qualified community foundations in Illinois.

• Sets annual aggregate credit limits of $5,000,000 (2015), $12,500,000 (2016), and $25,000,000 (2017 and thereafter), with per-taxpayer caps of $500,000 annually and per-foundation caps ranging from $2,500,000 to $12,500,000 depending on year.

• Restricts eligibility to individual taxpayers or businesses with average gross receipts not exceeding $5,000,000 (2015) or $12,500,000 (2016 and thereafter).

• Reserves 10% of annual credits for endowment gifts of $30,000 or less and requires the Department of Commerce and Economic Opportunity to prioritize applications by receipt date when demand exceeds availability.

• Allows unused tax credits to be carried forward for up to 5 years and requires annual reporting to the Governor and General Assembly on all authorized credits.