IL SB1783 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 15-8)
Status: Passed on August 18 2017 - 100% progression
Action: 2017-08-18 - Public Act . . . . . . . . . 100-0236
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Slight Partisan Bill (Democrat 15-8)
Status: Passed on August 18 2017 - 100% progression
Action: 2017-08-18 - Public Act . . . . . . . . . 100-0236
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.
Title
INC TX-RIVER EDGE
Sponsors
Roll Calls
2017-05-30 - House - Third Reading in House (Y: 101 N: 12 NV: 3 Abs: 1) [PASS]
2017-05-05 - Senate - Third Reading in Senate (Y: 50 N: 0 NV: 9 Abs: 0) [PASS]
2017-05-05 - Senate - Third Reading in Senate (Y: 50 N: 0 NV: 9 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2017-08-18 | Senate | Public Act . . . . . . . . . 100-0236 |
| 2017-08-18 | Senate | Effective Date August 18, 2017 |
| 2017-08-18 | Senate | Governor Approved |
| 2017-08-18 | Senate | Added as Co-Sponsor Sen. James F. Clayborne, Jr. |
| 2017-06-22 | Senate | Sent to the Governor |
| 2017-05-30 | Senate | Passed Both Houses |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Elgie R. Sims, Jr. |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Camille Y. Lilly |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Justin Slaughter |
| 2017-05-30 | House | Added Alternate Co-Sponsor Rep. Carol Ammons |
| 2017-05-30 | House | Third Reading - Short Debate - Passed 101-012-000 |
| 2017-05-26 | House | Final Action Deadline Extended-9(b) May 31, 2017 |
| 2017-05-25 | House | Added Alternate Co-Sponsor Rep. Steven A. Andersson |
| 2017-05-24 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2017-05-24 | House | Second Reading - Short Debate |
| 2017-05-24 | House | Added Alternate Chief Co-Sponsor Rep. Jehan Gordon-Booth |
| 2017-05-24 | House | Added Alternate Chief Co-Sponsor Rep. Ryan Spain |
| 2017-05-24 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2017-05-24 | House | Do Pass / Short Debate Revenue & Finance Committee; 011-000-000 |
| 2017-05-24 | House | Added Alternate Co-Sponsor Rep. Keith R. Wheeler |
| 2017-05-23 | House | Added Alternate Co-Sponsor Rep. Anna Moeller |
| 2017-05-19 | House | Committee Deadline Extended-Rule 9(b) May 26, 2017 |
| 2017-05-18 | House | Added Alternate Co-Sponsor Rep. Mike Fortner |
| 2017-05-16 | House | Added Alternate Chief Co-Sponsor Rep. Stephanie A. Kifowit |
| 2017-05-16 | House | Added Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia |
| 2017-05-15 | House | Assigned to Revenue & Finance Committee |
| 2017-05-09 | House | Referred to Rules Committee |
| 2017-05-09 | House | First Reading |
| 2017-05-08 | House | Chief House Sponsor Rep. Litesa E. Wallace |
| 2017-05-08 | House | Arrived in House |
| 2017-05-05 | Senate | Third Reading - Passed; 050-000-000 |
| 2017-05-05 | Senate | Placed on Calendar Order of 3rd Reading |
| 2017-05-05 | Senate | Senate Floor Amendment No. 1 Adopted; Stadelman |
| 2017-05-05 | Senate | Recalled to Second Reading |
| 2017-05-04 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Revenue; 008-000-000 |
| 2017-04-28 | Senate | Rule 2-10 Third Reading Deadline Established As May 31, 2017 |
| 2017-04-26 | Senate | Placed on Calendar Order of 3rd Reading April 27, 2017 |
| 2017-04-26 | Senate | Second Reading |
| 2017-04-25 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Revenue |
| 2017-04-13 | Senate | Added as Co-Sponsor Sen. Pamela J. Althoff |
| 2017-04-06 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2017-04-06 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman |
| 2017-04-06 | Senate | Placed on Calendar Order of 2nd Reading April 25, 2017 |
| 2017-04-06 | Senate | Do Pass Revenue; 006-000-000 |
| 2017-03-29 | Senate | Added as Co-Sponsor Sen. Kimberly A. Lightford |
| 2017-03-17 | Senate | Rule 2-10 Committee Deadline Established As April 7, 2017 |
| 2017-03-16 | Senate | Postponed - Revenue |
| 2017-03-09 | Senate | Postponed - Revenue |
| 2017-03-02 | Senate | Added as Chief Co-Sponsor Sen. Cristina Castro |
| 2017-03-02 | Senate | Added as Co-Sponsor Sen. Chuck Weaver |
| 2017-02-28 | Senate | Assigned to Revenue |
| 2017-02-28 | Senate | Added as Chief Co-Sponsor Sen. Dave Syverson |
| 2017-02-28 | Senate | Added as Chief Co-Sponsor Sen. David Koehler |
| 2017-02-15 | Senate | Added as Co-Sponsor Sen. Karen McConnaughay |
| 2017-02-15 | Senate | Added as Chief Co-Sponsor Sen. Linda Holmes |
| 2017-02-09 | Senate | Referred to Assignments |
| 2017-02-09 | Senate | First Reading |
| 2017-02-09 | Senate | Filed with Secretary by Sen. Steve Stadelman |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 215 | 5 | 409.1 | New Code | See Bill Text |
| 35 | 5 | 221 | Amended Code | Citation Text |
