IL SB0652 | 2017-2018 | 100th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Introduced on January 25 2017 - 25% progression
Action: 2017-03-30 - Placed on Calendar Order of 3rd Reading April 4, 2017
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the New Markets Development Program Act. Provides that, to be considered a "qualified equity investment" under the Act, 100% (currently, 85%) of the cash purchase price of the investment must be used by the issuer to make qualified low-income community investments in the State of Illinois. Requires qualified community development entities to submit an annual job creation report. Provides that the application for certification as a qualified community development entity must include the amount of qualified equity investment authority the applicant agrees to designate as a federal qualified equity investment under Section 45D of the Internal Revenue Code. Provides that no qualified active low-income community business that receives a qualified low-income community investment from a qualified community development entity that issues qualified equity investments under the Act may directly or indirectly (i) own or have the right to acquire an ownership interest in a qualified community development entity or member or affiliate of a qualified community development entity or (ii) loan to or invest in a qualified community development entity or member or affiliate of a qualified community development entity. Provides that the annual cap on credits under the Act is $50,000,000 (currently, $20,000,000). Effective immediately.

Tracking Information

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Title

NEW MARKETS-REQUIREMENTS

Sponsors


History

DateChamberAction
2017-03-30SenatePlaced on Calendar Order of 3rd Reading April 4, 2017
2017-03-30SenateSenate Floor Amendment No. 2 Adopted; Clayborne
2017-03-30SenateSecond Reading
2017-03-28SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments
2017-03-28SenateSenate Floor Amendment No. 1 Referred to Assignments
2017-03-16SenateSenate Floor Amendment No. 2 Recommend Do Adopt Commerce and Economic Development; 011-000-000
2017-03-15SenateSenate Floor Amendment No. 2 Assignments Refers to Commerce and Economic Development
2017-03-08SenateSenate Floor Amendment No. 2 Referred to Assignments
2017-03-08SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. James F. Clayborne, Jr.
2017-03-07SenateAdded as Co-Sponsor Sen. Jil Tracy
2017-03-07SenateSenate Floor Amendment No. 1 Assignments Refers to Commerce and Economic Development
2017-03-02SenateAdded as Co-Sponsor Sen. Neil Anderson
2017-03-02SenateSenate Floor Amendment No. 1 Referred to Assignments
2017-03-02SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
2017-03-02SenatePlaced on Calendar Order of 2nd Reading March 7, 2017
2017-03-02SenateDo Pass Commerce and Economic Development; 009-000-000
2017-03-01SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
2017-02-09SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
2017-02-09SenateAdded as Co-Sponsor Sen. Cristina Castro
2017-02-07SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
2017-02-01SenateAssigned to Commerce and Economic Development
2017-01-26SenateAdded as Chief Co-Sponsor Sen. Antonio Muñoz
2017-01-25SenateReferred to Assignments
2017-01-25SenateFirst Reading
2017-01-25SenateFiled with Secretary by Sen. James F. Clayborne, Jr.

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2066320Amended CodeCitation Text
2066325Amended CodeCitation Text
2066340Amended CodeCitation Text
2066343New CodeSee Bill Text
206635Amended CodeCitation Text
2066350Amended CodeCitation Text
2066355New CodeSee Bill Text

Illinois State Sources


Bill Comments

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