Bill Amendment: IL SB0652 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: NEW MARKETS-REQUIREMENTS

Status: 2017-08-25 - Public Act . . . . . . . . . 100-0408 [SB0652 Detail]

Download: Illinois-2017-SB0652-House_Amendment_004.html

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Rep. Lou Lang

Filed: 5/29/2017

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AMENDMENT TO SENATE BILL 652
AMENDMENT NO. ______. Amend Senate Bill 652 on page 5, line
10, by replacing "$50,000,000 $20,000,000" with "$20,000,000";
and
on page 10, immediately below line 18, by inserting the
following:
"(g) Allocation rounds enabled by this Act shall be applied
for according to the following schedule:
(1) on January 2, 2019, $125,000,000 of qualified
equity investments; and
(2) on January 2, 2020, $125,000,000 of qualified
equity investments."; and
on page 14, line 10, after "business.", by inserting "This
Section is not intended to affect ownership or affiliate
interests that arise following the sixth anniversary of the
issuance of the qualified equity investment."; and

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on page 15, by replacing lines 6 through 22 with the following:
"(20 ILCS 663/55 new)
Sec. 55. Annual report. Each qualified community
development entity shall submit an annual report to the
Department within 45 days after the beginning of each calendar
year during the compliance period. No annual report shall be
due prior to the first anniversary of the initial credit
allowance date. The report shall include, but is not limited
to, the following:
(1) an attestation from an authorized officer of the
qualified community development entity that the entity has
not been the subject of any investigation by a government
agency relating to tax credits or financial services during
the preceding calendar year;
(2) information with respect to all qualified
low-income community investments made by the qualified
community development entity, including:
(A) the date and amount of, and bank statements or
wire transfer reports documenting, such qualified
low-income community investments;
(B) the name, address, and EIN of each qualified
active low-income community business funded by the
qualified community development entity, the number of
persons employed by such business at the time of the

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initial investment, and a brief description of the
business, the financing, and community benefits of the
financing; and
(C) the number of employment positions maintained
by each qualified active low-income community business
as of the date of report or the end of the preceding
calendar year and the average annual salaries of such
positions; and
(D) the total number of employment positions
created and retained as a result of qualified
low-income community investments and the average
annual salaries of those positions; and
(3) any changes with respect to the taxpayers entitled
to claim tax credits with respect to qualified equity
investments issued by the qualified community development
entity since its last report pursuant to this Section.
The qualified community development entity is not required
to provide the annual report set forth in this Section for
qualified low-income community investments that have been
redeemed or repaid.".