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Endowment tax is the taxation of financial endowments that are otherwise not taxed due to their charitable, educational, or religious mission. Endowments can be up to several billion dollars at some universities , some charitable foundations , and some medical foundations.
It does not seek to change the way in which the State funds programs administered by the Illinois Secretary of State, Illinois Department of Transportation, and operations by the Illinois State Police directly dedicated to the safety of roads, or entities or programs funded by units of local government.
The Illinois Department of Revenue (IDOR) is the code department [1] [2] of the Illinois state government that collects state taxes, operates the state lottery, oversees the state's casino industry, oversees the state's thoroughbred and harness horse racing industries, and regulates the distribution of alcoholic beverages throughout Illinois, including beer, wine, and liquor. [3]
The Illinois State Police (ISP) is the state police agency of the U.S. state of Illinois. The Illinois State Police is responsible for traffic safety on more than ...
Illinois residents will vote on a 3% tax for millionaires in November. The governor says the tax could generate $4.5 billion annually and alleviate high property taxes. Illinois has the second ...
Whether investigations into in-custody deaths are conducted by a local or regional integrity task force or the Illinois State Police, the findings are presented to the local state's attorney.
A key provision of UPMIFA states that: "Subject to the intent of a donor expressed in the gift instrument an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. [7]
The IDOR must process and approve the state’s annual tax returns before refunds are issued by the Illinois Comptroller’s Office. How quickly you receive your refund depends on how you file ...