IL HB2972 | 2017-2018 | 100th General Assembly

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 9 2017 - 25% progression
Action: 2017-05-11 - Added Co-Sponsor Rep. Keith R. Wheeler
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.

Tracking Information

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Title

INC TX-RIVER EDGE

Sponsors


History

DateChamberAction
2017-05-11HouseAdded Co-Sponsor Rep. Keith R. Wheeler
2017-04-07HouseAdded Co-Sponsor Rep. Tim Butler
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-14HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
2017-03-09HouseTo Growth, Reform & Fairness Subcommittee
2017-03-08HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
2017-02-22HouseAssigned to Revenue & Finance Committee
2017-02-16HouseAdded Co-Sponsor Rep. Steven A. Andersson
2017-02-16HouseAdded Co-Sponsor Rep. LaToya Greenwood
2017-02-16HouseAdded Co-Sponsor Rep. Ryan Spain
2017-02-16HouseAdded Chief Co-Sponsor Rep. Mike Fortner
2017-02-15HouseAdded Chief Co-Sponsor Rep. Anna Moeller
2017-02-15HouseAdded Chief Co-Sponsor Rep. Joe Sosnowski
2017-02-09HouseReferred to Rules Committee
2017-02-09HouseFirst Reading
2017-02-09HouseAdded Chief Co-Sponsor Rep. Litesa E. Wallace
2017-02-09HouseFiled with the Clerk by Rep. Linda Chapa LaVia

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155409.1New CodeSee Bill Text
355221Amended CodeCitation Text

Illinois State Sources


Bill Comments

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