IL SB0606 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department of Commerce and Economic Opportunity. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2018.
Title
REHABILITATION TAX CREDIT
Sponsors
Sen. Bill Brady [R] |
History
Date | Chamber | Action |
---|---|---|
2019-01-09 | Senate | Session Sine Die |
2018-09-30 | Senate | Chief Sponsor Changed to Sen. William E. Brady |
2017-03-17 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2017-02-22 | Senate | To Subcommittee on Income Taxes |
2017-02-01 | Senate | Assigned to Revenue |
2017-01-24 | Senate | Referred to Assignments |
2017-01-24 | Senate | First Reading |
2017-01-24 | Senate | Filed with Secretary by Sen. Pamela J. Althoff |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
215 | 5 | 409.1 | New Code | See Bill Text |
35 | 5 | 224 | New Code | See Bill Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=606&GAID=14&DocTypeID=SB&SessionID=91&GA=100 |
Text | https://www.ilga.gov/legislation/100/SB/10000SB0606.htm |