IL SB3607 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Creates an income tax credit for developers that invest in a qualified project redeveloping a brownfield or grayfield. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates an exemption for tangible personal property that is purchased by a developer who has been awarded a certificate of exemption by the Department of Commerce and Economic Opportunity and that is used to rehabilitate brownfield or grayfield property. Effective immediately.

Tracking Information

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Title

INC TX-BROWNFIELD

Sponsors


History

DateChamberAction
2024-05-03SenateRule 3-9(a) / Re-referred to Assignments
2024-04-05SenateRule 2-10 Committee Deadline Established As May 3, 2024
2024-03-15SenateRule 2-10 Committee Deadline Established As April 5, 2024
2024-02-20SenateAssigned to Revenue
2024-02-09SenateReferred to Assignments
2024-02-09SenateFirst Reading
2024-02-09SenateFiled with Secretary by Sen. Michael W. Halpin

Code Citations

ChapterArticleSectionCitation TypeStatute Text
351053-5Amended CodeCitation Text
351103-5Amended CodeCitation Text
351153-5Amended CodeCitation Text
351202-5Amended CodeCitation Text
355241New CodeSee Bill Text

Illinois State Sources


Bill Comments

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