IL SB1755 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-03-10 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Tracking Information

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Title

NEW MARKET DEVELOPMENT PROGRAM

Sponsors


History

DateChamberAction
2023-03-10SenateRule 3-9(a) / Re-referred to Assignments
2023-03-08SenateAdded as Chief Co-Sponsor Sen. Doris Turner
2023-03-03SenateAdded as Co-Sponsor Sen. Paul Faraci
2023-02-27SenateAdded as Co-Sponsor Sen. Terri Bryant
2023-02-21SenateAssigned to Revenue
2023-02-09SenateReferred to Assignments
2023-02-09SenateFirst Reading
2023-02-09SenateFiled with Secretary by Sen. Christopher Belt

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2066320Amended CodeCitation Text
2066325Amended CodeCitation Text
2066340Amended CodeCitation Text
2066345Amended CodeCitation Text
206635Amended CodeCitation Text
2066355Amended CodeCitation Text

Illinois State Sources


Bill Comments

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