IL HB3360 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 9 2017 - 25% progression
Action: 2017-05-16 - Added Co-Sponsor Rep. Emanuel Chris Welch
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Community Renewal and Revitalization Act. Provides for the qualifications for and designation of Health, Opportunity, Prosperity, and Empowerment (HOPE) Zones. Provides for a HOPE Zone tax credit and other credits and benefits going to businesses operating in HOPE Zones. Provides for the powers and duties of the Department of Commerce and Economic Opportunity under the Act. Provides for State incentives regarding public services and physical infrastructure. Provides for State regulatory exemptions in HOPE Zones. Provides for State and local regulatory alternatives under the Act. Amends the Illinois Income Tax Act to allow for a specified tax credit for wages paid to qualified ex-offenders in HOPE Zones. Modifies the term "qualified ex-offender" to include a person hired by a taxpayer 5 years (currently, 3 years) after being released from an Illinois adult correctional center. Amends the Small Business Job Creation Tax Credit Act to allow a specified tax credit for businesses operating in HOPE Zones. Provides that the Department shall limit the monetary amount of credits awarded under the Act to no more than $100,000,000 (currently, $50,000,000).

Tracking Information

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Title

BUSINESS TAX CREDIT-HOPE ZONES

Sponsors


History

DateChamberAction
2017-05-16HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-09HouseTo Growth, Reform & Fairness Subcommittee
2017-02-22HouseAssigned to Revenue & Finance Committee
2017-02-10HouseReferred to Rules Committee
2017-02-10HouseFirst Reading
2017-02-09HouseFiled with the Clerk by Rep. Elgie R. Sims, Jr.

Code Citations

ChapterArticleSectionCitation TypeStatute Text
352525Amended CodeCitation Text
352530Amended CodeCitation Text
355216Amended CodeCitation Text

Illinois State Sources


Bill Comments

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