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]
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.
Title
NEW MARKET DEVELOPMENT PROGRAM
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2023-03-10 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-08 | Senate | Added as Chief Co-Sponsor Sen. Doris Turner |
| 2023-03-03 | Senate | Added as Co-Sponsor Sen. Paul Faraci |
| 2023-02-27 | Senate | Added as Co-Sponsor Sen. Terri Bryant |
| 2023-02-21 | Senate | Assigned to Revenue |
| 2023-02-09 | Senate | Referred to Assignments |
| 2023-02-09 | Senate | First Reading |
| 2023-02-09 | Senate | Filed with Secretary by Sen. Christopher Belt |
Code Citations
| 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 | 45 | Amended Code | Citation Text |
| 20 | 663 | 5 | Amended Code | Citation Text |
| 20 | 663 | 55 | Amended Code | Citation Text |
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1755&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB1755.htm |
