IL SB2869 | 2017-2018 | 100th General Assembly

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 14 2018 - 25% progression
Action: 2018-09-30 - Chief Sponsor Changed to Sen. William E. Brady
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department of Commerce and Economic Opportunity. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2019.

Tracking Information

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Title

REHABILITATION TAX CREDIT

Sponsors


History

DateChamberAction
2018-09-30SenateChief Sponsor Changed to Sen. William E. Brady
2018-05-03SenateRule 3-9(a) / Re-referred to Assignments
2018-04-27SenateRule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018
2018-04-13SenateRule 2-10 Committee Deadline Established As April 27, 2018
2018-03-08SenateAdded as Chief Co-Sponsor Sen. Andy Manar
2018-02-21SenateAssigned to Revenue
2018-02-14SenateReferred to Assignments
2018-02-14SenateFirst Reading
2018-02-14SenateFiled with Secretary by Sen. Pamela J. Althoff

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2155409.1New CodeSee Bill Text
355227New CodeSee Bill Text

Illinois State Sources


Bill Comments

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