Illinois Senate Bill 652 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 18-2)
Status: Passed on August 25 2017 - 100% progression
Action: 2017-08-25 - Public Act . . . . . . . . . 100-0408
Text: Latest bill text (Chaptered) [HTML]

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.

NEW MARKETS-REQUIREMENTS

Sen. James Clayborne [D]	Sen. Antonio Munoz [D]	Sen. Linda Holmes [D]	Sen. Cristina Castro [D]
Sen. Toi Hutchinson [D]	Sen. Patricia Van Pelt [D]	Sen. Neil Anderson [R]	Sen. Jil Tracy [R]
Rep. Louis Lang [D]	Rep. Arthur Turner [D]	Sen. Elgie Sims [D]	Rep. Latoya Greenwood [D]
Rep. William Davis [D]	Rep. Daniel Beiser [D]	Rep. Jay Hoffman [D]	Rep. Marcus Evans [D]
Rep. Justin Slaughter [D]	Rep. Camille Lilly [D]	Rep. Sonya Harper [D]	Rep. Carol Ammons [D]

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]

Date	Chamber	Action
2017-08-25	Senate	Public Act . . . . . . . . . 100-0408
2017-08-25	Senate	Effective Date August 25, 2017
2017-08-25	Senate	Governor Approved
2017-06-29	Senate	Sent to the Governor
2017-05-31	Senate	Passed Both Houses
2017-05-31	Senate	Senate Concurs
2017-05-31	Senate	House Committee Amendment No. 4 Senate Concurs 053-000-000
2017-05-31	Senate	House Committee Amendment No. 4 Motion to Concur Be Approved for Consideration Assignments
2017-05-31	Senate	House Committee Amendment No. 4 Motion to Concur Referred to Assignments
2017-05-31	Senate	House Committee Amendment No. 4 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr.
2017-05-31	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 4 - May 31, 2017
2017-05-31	Senate	Secretary's Desk - Concurrence House Amendment(s) 4
2017-05-31	House	Added Alternate Co-Sponsor Rep. Carol Ammons
2017-05-31	House	Added Alternate Co-Sponsor Rep. Sonya M. Harper
2017-05-31	House	Added Alternate Co-Sponsor Rep. Camille Y. Lilly
2017-05-31	House	Third Reading - Short Debate - Passed 111-000-000
2017-05-31	House	Placed on Calendar Order of 3rd Reading - Short Debate
2017-05-30	House	Held on Calendar Order of Second Reading - Short Debate
2017-05-30	House	Second Reading - Short Debate
2017-05-30	House	Placed on Calendar 2nd Reading - Short Debate
2017-05-30	House	House Committee Amendment No. 3 Tabled Pursuant to Rule 40
2017-05-30	House	House Committee Amendment No. 2 Tabled Pursuant to Rule 40
2017-05-30	House	House Committee Amendment No. 1 Tabled Pursuant to Rule 40
2017-05-30	House	Do Pass as Amended / Short Debate Executive Committee; 011-000-000
2017-05-30	House	House Committee Amendment No. 4 Adopted in Executive Committee; by Voice Vote
2017-05-30	House	House Committee Amendment No. 4 Rules Refers to Executive Committee
2017-05-29	House	House Committee Amendment No. 4 Referred to Rules Committee
2017-05-29	House	House Committee Amendment No. 4 Filed with Clerk by Rep. Lou Lang
2017-05-28	House	House Committee Amendment No. 3 Referred to Rules Committee
2017-05-28	House	House Committee Amendment No. 3 Filed with Clerk by Rep. Lou Lang
2017-05-28	House	House Committee Amendment No. 2 Referred to Rules Committee
2017-05-28	House	House Committee Amendment No. 2 Filed with Clerk by Rep. Lou Lang
2017-05-26	House	Final Action Deadline Extended-9(b) May 31, 2017
2017-05-26	House	Added Alternate Chief Co-Sponsor Rep. William Davis
2017-05-19	House	House Committee Amendment No. 1 Referred to Rules Committee
2017-05-19	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
2017-05-19	House	Committee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-17	House	Added Alternate Co-Sponsor Rep. Justin Slaughter
2017-05-17	House	Added Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
2017-05-15	House	Added Alternate Chief Co-Sponsor Rep. LaToya Greenwood
2017-05-11	House	Added Alternate Co-Sponsor Rep. Jay Hoffman
2017-05-11	House	Added Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
2017-05-11	House	Added Alternate Chief Co-Sponsor Rep. Arthur Turner
2017-05-09	House	Added Alternate Co-Sponsor Rep. Daniel V. Beiser
2017-05-09	House	Assigned to Executive Committee
2017-04-28	House	Referred to Rules Committee
2017-04-28	House	First Reading
2017-04-28	House	Chief House Sponsor Rep. Lou Lang
2017-04-28	House	Arrived in House
2017-04-27	Senate	Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
2017-04-27	Senate	Third Reading - Passed; 051-001-000
2017-03-30	Senate	Placed on Calendar Order of 3rd Reading April 4, 2017
2017-03-30	Senate	Senate Floor Amendment No. 2 Adopted; Clayborne
2017-03-30	Senate	Second Reading
2017-03-28	Senate	Senate Floor Amendment No. 1 Be Approved for Consideration Assignments
2017-03-28	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2017-03-16	Senate	Senate Floor Amendment No. 2 Recommend Do Adopt Commerce and Economic Development; 011-000-000
2017-03-15	Senate	Senate Floor Amendment No. 2 Assignments Refers to Commerce and Economic Development
2017-03-08	Senate	Senate Floor Amendment No. 2 Referred to Assignments
2017-03-08	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. James F. Clayborne, Jr.
2017-03-07	Senate	Added as Co-Sponsor Sen. Jil Tracy
2017-03-07	Senate	Senate Floor Amendment No. 1 Assignments Refers to Commerce and Economic Development
2017-03-02	Senate	Added as Co-Sponsor Sen. Neil Anderson
2017-03-02	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2017-03-02	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
2017-03-02	Senate	Placed on Calendar Order of 2nd Reading March 7, 2017
2017-03-02	Senate	Do Pass Commerce and Economic Development; 009-000-000
2017-03-01	Senate	Added as Co-Sponsor Sen. Patricia Van Pelt
2017-02-09	Senate	Added as Co-Sponsor Sen. Toi W. Hutchinson
2017-02-09	Senate	Added as Co-Sponsor Sen. Cristina Castro
2017-02-07	Senate	Added as Chief Co-Sponsor Sen. Linda Holmes
2017-02-01	Senate	Assigned to Commerce and Economic Development
2017-01-26	Senate	Added as Chief Co-Sponsor Sen. Antonio Muñoz
2017-01-25	Senate	Referred to Assignments
2017-01-25	Senate	First Reading
2017-01-25	Senate	Filed with Secretary by Sen. James F. Clayborne, Jr.

Chapter	Article	Section	Citation Type	Statute Text
20	663	20	Amended Code	Citation Text
20	663	25	Amended Code	Citation Text
20	663	40	Amended Code	Citation Text
20	663	43	New Code	See Bill Text
20	663	5	Amended Code	Citation Text
20	663	50	Amended Code	Citation Text
20	663	55	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=652&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB0652.htm
Text	https://www.ilga.gov/legislation/100/SB/10000SB0652eng.htm
Text	https://www.ilga.gov/legislation/100/SB/10000SB0652enr.htm
Text	https://www.ilga.gov/legislation/publicacts/100/100-0408.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652sam001.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652sam002.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652ham001.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652ham002.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652ham003.htm
Amendment	https://www.ilga.gov/legislation/100/SB/10000SB0652ham004.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/100/senate/10000SB0652_04272017_104000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/100/house/10000SB0652_05312017_013000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/100/senate/10000SB0652_05312017_129000C.pdf