SB2052 - Endow Illinois Tax Credit Act

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

• Annual aggregate credit limits: $10,000,000 in 2022, $25,000,000 in 2023, and $50,000,000 in 2024 and thereafter, with single-taxpayer caps at 5% of annual total and per-foundation caps at 25%.

• Reserves 10% of annual credits for endowment gifts of $30,000 or less, with credits prioritized by application date and waitlisted if demand exceeds availability.

• Allows credits to be carried forward for 5 years, with ineligibility for business entities exceeding $10,000,000 (2022), $25,000,000 (2023), or $50,000,000 (2024+) in gross business receipts.

• Requires Department of Revenue to publish application updates twice yearly and submit annual reports to the Governor and General Assembly detailing authorized credits.