HB5817 - Endow Illinois Tax Credit

• Creates an income tax credit equal to 50% of irrevocable endowment gifts made to permanent endowment funds held by qualified community foundations in Illinois, effective for tax years ending December 31, 2024 and later.

• Sets aggregate annual credit caps of $10,000,000 (2024), $25,000,000 (2025), and $50,000,000 (2026 and thereafter), with individual taxpayer limits of $100,000 for single filers and $200,000 for joint filers in 2024, adjusted for inflation in subsequent years.

• Establishes income eligibility thresholds for business entities: $10,000,000 federal adjusted gross income (2024), $25,000,000 (2025), and $50,000,000 (2026 and after).

• Reserves 10% of annual credits for endowment gifts not exceeding a "small gift maximum" of $30,000 in 2024, adjusted annually for inflation, to ensure accessibility for smaller donors.

• Requires the Department of Revenue to process credit applications within 90 days, maintain a waitlist system if demand exceeds available credits, award credits on a first-come basis, and submit annual reports to the Governor and General Assembly detailing credit authorizations.