Bill Title: Amends the New Markets Development Program Act. Provides that, to be considered a "qualified equity investment" under the Act, 100% (currently, 85%) of the cash purchase price of the investment must be used by the issuer to make qualified low-income community investments in the State of Illinois. Requires qualified community development entities to submit an annual job creation report. Provides that the application for certification as a qualified community development entity must include the amount of qualified equity investment authority the applicant agrees to designate as a federal qualified equity investment under Section 45D of the Internal Revenue Code. Provides that no qualified active low-income community business that receives a qualified low-income community investment from a qualified community development entity that issues qualified equity investments under the Act may directly or indirectly (i) own or have the right to acquire an ownership interest in a qualified community development entity or member or affiliate of a qualified community development entity or (ii) loan to or invest in a qualified community development entity or member or affiliate of a qualified community development entity. Provides that the annual cap on credits under the Act is $50,000,000 (currently, $20,000,000). Effective immediately.

Sponsorship: Moderate Partisan Bill (Democrat 18-2)

Status: (Passed) 2017-08-25 - Public Act . . . . . . . . . 100-0408 [SB0652 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2017-08-28	HTML/Text	Link	View
Enrolled	2017-06-06	HTML/Text	Link	View
Engrossed	2017-04-27	HTML/Text	Link	View
Introduced	2017-01-25	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 004	2017-05-29	Proposed	HTML/Text	Link	View
House Amendment 002	2017-05-28	Proposed	HTML/Text	Link	View
House Amendment 003	2017-05-28	Proposed	HTML/Text	Link	View
House Amendment 001	2017-05-19	Proposed	HTML/Text	Link	View
Senate Amendment 002	2017-03-08	Proposed	HTML/Text	Link	View
Senate Amendment 001	2017-03-02	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB0652 currently on file.