IL SB0652 | 2017-2018 | 100th General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 18-2)
Status: Enrolled on May 31 2017 - 75% progression
Action: 2017-06-29 - Sent to the Governor
Text: Latest bill text (Enrolled) [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


Roll Calls

2017-05-31 - Senate - Concurrence in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
2017-05-31 - House - Third Reading in House (Y: 111 N: 0 NV: 4 Abs: 1) [PASS]
2017-04-27 - Senate - Third Reading in Senate (Y: 51 N: 1 NV: 7 Abs: 0) [PASS]

History

DateChamberAction
2017-06-29SenateSent to the Governor
2017-05-31SenatePassed Both Houses
2017-05-31SenateSenate Concurs
2017-05-31SenateHouse Committee Amendment No. 4 Senate Concurs 053-000-000
2017-05-31SenateHouse Committee Amendment No. 4 Motion to Concur Be Approved for Consideration Assignments
2017-05-31SenateHouse Committee Amendment No. 4 Motion to Concur Referred to Assignments
2017-05-31SenateHouse Committee Amendment No. 4 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr.
2017-05-31SenatePlaced on Calendar Order of Concurrence House Amendment(s) 4 - May 31, 2017
2017-05-31SenateSecretary's Desk - Concurrence House Amendment(s) 4
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Carol Ammons
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Sonya M. Harper
2017-05-31HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
2017-05-31HouseThird Reading - Short Debate - Passed 111-000-000
2017-05-31HousePlaced on Calendar Order of 3rd Reading - Short Debate
2017-05-30HouseHeld on Calendar Order of Second Reading - Short Debate
2017-05-30HouseSecond Reading - Short Debate
2017-05-30HousePlaced on Calendar 2nd Reading - Short Debate
2017-05-30HouseHouse Committee Amendment No. 3 Tabled Pursuant to Rule 40
2017-05-30HouseHouse Committee Amendment No. 2 Tabled Pursuant to Rule 40
2017-05-30HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
2017-05-30HouseDo Pass as Amended / Short Debate Executive Committee; 011-000-000
2017-05-30HouseHouse Committee Amendment No. 4 Adopted in Executive Committee; by Voice Vote
2017-05-30HouseHouse Committee Amendment No. 4 Rules Refers to Executive Committee
2017-05-29HouseHouse Committee Amendment No. 4 Referred to Rules Committee
2017-05-29HouseHouse Committee Amendment No. 4 Filed with Clerk by Rep. Lou Lang
2017-05-28HouseHouse Committee Amendment No. 3 Referred to Rules Committee
2017-05-28HouseHouse Committee Amendment No. 3 Filed with Clerk by Rep. Lou Lang
2017-05-28HouseHouse Committee Amendment No. 2 Referred to Rules Committee
2017-05-28HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Lou Lang
2017-05-26HouseFinal Action Deadline Extended-9(b) May 31, 2017
2017-05-26HouseAdded Alternate Chief Co-Sponsor Rep. William Davis
2017-05-19HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2017-05-19HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
2017-05-19HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-17HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter
2017-05-17HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
2017-05-15HouseAdded Alternate Chief Co-Sponsor Rep. LaToya Greenwood
2017-05-11HouseAdded Alternate Co-Sponsor Rep. Jay Hoffman
2017-05-11HouseAdded Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
2017-05-11HouseAdded Alternate Chief Co-Sponsor Rep. Arthur Turner
2017-05-09HouseAdded Alternate Co-Sponsor Rep. Daniel V. Beiser
2017-05-09HouseAssigned to Executive Committee
2017-04-28HouseReferred to Rules Committee
2017-04-28HouseFirst Reading
2017-04-28HouseChief House Sponsor Rep. Lou Lang
2017-04-28HouseArrived in House
2017-04-27SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
2017-04-27SenateThird Reading - Passed; 051-001-000
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

TypeSource
Summaryhttp://www.ilga.gov/legislation/BillStatus.asp?DocNum=652&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Texthttp://www.ilga.gov/legislation/100/SB/10000SB0652.htm
Texthttp://www.ilga.gov/legislation/100/SB/10000SB0652eng.htm
Texthttp://www.ilga.gov/legislation/100/SB/10000SB0652enr.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652sam001.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652sam002.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652ham001.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652ham002.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652ham003.htm
Amendmenthttp://www.ilga.gov/legislation/100/SB/10000SB0652ham004.htm
Roll Callhttp://www.ilga.gov/legislation/votehistory/100/senate/10000SB0652_04272017_104000T.pdf
Roll Callhttp://www.ilga.gov/legislation/votehistory/100/house/10000SB0652_05312017_013000T.pdf
Roll Callhttp://www.ilga.gov/legislation/votehistory/100/senate/10000SB0652_05312017_129000C.pdf

Bill Comments

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