IL SB1783 | 2017-2018 | 100th General Assembly

Status

Spectrum: Slight Partisan Bill (Democrat 9-5)
Status: Engrossed on May 5 2017 - 50% progression
Action: 2017-05-23 - Added Alternate Co-Sponsor Rep. Anna Moeller
Text: Latest bill text (Engrossed) [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.

Tracking Information

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Title

INC TX-RIVER EDGE

Sponsors


Roll Calls

2017-05-05 - Senate - Third Reading in Senate (Y: 50 N: 0 NV: 9 Abs: 0) [PASS]

History

DateChamberAction
2017-05-23HouseAdded Alternate Co-Sponsor Rep. Anna Moeller
2017-05-19HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
2017-05-18HouseAdded Alternate Co-Sponsor Rep. Mike Fortner
2017-05-16HouseAdded Alternate Chief Co-Sponsor Rep. Stephanie A. Kifowit
2017-05-16HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
2017-05-15HouseAssigned to Revenue & Finance Committee
2017-05-09HouseReferred to Rules Committee
2017-05-09HouseFirst Reading
2017-05-08HouseChief House Sponsor Rep. Litesa E. Wallace
2017-05-08HouseArrived in House
2017-05-05SenateThird Reading - Passed; 050-000-000
2017-05-05SenatePlaced on Calendar Order of 3rd Reading
2017-05-05SenateSenate Floor Amendment No. 1 Adopted; Stadelman
2017-05-05SenateRecalled to Second Reading
2017-05-04SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 008-000-000
2017-04-28SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
2017-04-26SenatePlaced on Calendar Order of 3rd Reading April 27, 2017
2017-04-26SenateSecond Reading
2017-04-25SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue
2017-04-13SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
2017-04-06SenateSenate Floor Amendment No. 1 Referred to Assignments
2017-04-06SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman
2017-04-06SenatePlaced on Calendar Order of 2nd Reading April 25, 2017
2017-04-06SenateDo Pass Revenue; 006-000-000
2017-03-29SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
2017-03-17SenateRule 2-10 Committee Deadline Established As April 7, 2017
2017-03-16SenatePostponed - Revenue
2017-03-09SenatePostponed - Revenue
2017-03-02SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
2017-03-02SenateAdded as Co-Sponsor Sen. Chuck Weaver
2017-02-28SenateAssigned to Revenue
2017-02-28SenateAdded as Chief Co-Sponsor Sen. Dave Syverson
2017-02-28SenateAdded as Chief Co-Sponsor Sen. David Koehler
2017-02-15SenateAdded as Co-Sponsor Sen. Karen McConnaughay
2017-02-15SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
2017-02-09SenateReferred to Assignments
2017-02-09SenateFirst Reading
2017-02-09SenateFiled with Secretary by Sen. Steve Stadelman

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155409.1New CodeSee Bill Text
355221Amended CodeCitation Text

Illinois State Sources


Bill Comments

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