IL HB5730 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Bicentennial Mississippi River Region Redevelopment Historic Tax Credit Act. Provides that an income tax credit is granted to an eligible taxpayer who makes expenditures pursuant to a qualified rehabilitation plan for the rehabilitation of a historic structure located a qualified county. Provides that the credit is available for taxable years beginning on or after January 1, 2019 and ending on or before December 31, 2029. Provides that the credit is equal to 25% of the amount of the eligible expenditure. Contains provisions concerning eligible expenditures. Provides that eligible taxpayers must apply with the Department of Commerce and Economic Opportunity within 6 months after the effective date of the Act. Provides that the credit may be carried forward for up to 10 years and may be carried back for up to 3 years. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
Title
HISTORIC PRESERVATION CREDIT
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2019-01-08 | House | Session Sine Die |
| 2018-04-13 | House | House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee |
| 2018-04-13 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2018-04-12 | House | House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee |
| 2018-04-12 | House | To Income Tax Subcommittee |
| 2018-04-10 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2018-04-10 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Michael Halpin |
| 2018-03-05 | House | Assigned to Revenue & Finance Committee |
| 2018-02-22 | House | Added Co-Sponsor Rep. Jerry Costello, II |
| 2018-02-22 | House | Added Co-Sponsor Rep. Katie Stuart |
| 2018-02-16 | House | Referred to Rules Committee |
| 2018-02-16 | House | First Reading |
| 2018-02-16 | House | Added Chief Co-Sponsor Rep. Tony McCombie |
| 2018-02-16 | House | Filed with the Clerk by Rep. Michael Halpin |
