Bill Sponsors: IL SB1783 | 2017-2018 | 100th General Assembly

Bill Title: 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.

Spectrum: Slight Partisan Bill (Democrat 15-8)

Status: (Passed) 2017-08-18 - Public Act . . . . . . . . . 100-0236 [SB1783 Detail]

Text: Latest bill text (Chaptered) [HTML]

Sponsors

NameTypeSponsorshipDistrictFinancialEncyclopediaBiography
Senator Steve Stadelman [D]PrimarySponsored BillsSD-034FollowTheMoneyBallotpediaVoteSmart
Senator Linda Holmes [D]CosponsorSponsored BillsSD-042FollowTheMoneyBallotpediaVoteSmart
Senator David Koehler [D]CosponsorSponsored BillsSD-046FollowTheMoneyBallotpediaVoteSmart
Senator Dave Syverson [R]CosponsorSponsored BillsSD-035FollowTheMoneyBallotpediaVoteSmart
Senator Cristina Castro [D]CosponsorSponsored BillsSD-022FollowTheMoneyBallotpediaVoteSmart
Senator Karen McConnaughay [R]CosponsorSponsored BillsSD-033FollowTheMoneyBallotpediaVoteSmart
Senator Chuck Weaver [R]CosponsorSponsored BillsSD-037FollowTheMoneyBallotpediaVoteSmart
Senator Kimberly Lightford [D]CosponsorSponsored BillsSD-004FollowTheMoneyBallotpediaVoteSmart
Senator Pamela Althoff [R]CosponsorSponsored BillsSD-032FollowTheMoneyBallotpediaVoteSmart
Senator James Clayborne [D]CosponsorSponsored BillsSD-057FollowTheMoneyBallotpediaVoteSmart
Representative Litesa Wallace [D]PrimarySponsored BillsHD-067FollowTheMoneyBallotpediaVoteSmart
Representative Linda LaVia [D]CosponsorSponsored BillsHD-083FollowTheMoneyBallotpediaVoteSmart
Representative Stephanie Kifowit [D]CosponsorSponsored BillsHD-084FollowTheMoneyBallotpediaVoteSmart
Representative Ryan Spain [R]CosponsorSponsored BillsHD-073FollowTheMoneyBallotpediaVoteSmart
Representative Jehan Gordon [D]CosponsorSponsored BillsHD-092FollowTheMoneyBallotpediaVoteSmart
Representative Mike Fortner [R]CosponsorSponsored BillsHD-049FollowTheMoneyBallotpediaVoteSmart
Representative Anna Moeller [D]CosponsorSponsored BillsHD-043FollowTheMoneyBallotpediaVoteSmart
Representative Keith Wheeler [R]CosponsorSponsored BillsHD-050FollowTheMoneyBallotpediaVoteSmart
Representative Steven Andersson [R]CosponsorSponsored BillsHD-065FollowTheMoneyBallotpediaVoteSmart
Representative Carol Ammons [D]CosponsorSponsored BillsHD-103FollowTheMoneyBallotpediaVoteSmart
Representative Justin Slaughter [D]CosponsorSponsored BillsHD-027FollowTheMoneyBallotpediaVoteSmart
Representative Camille Lilly [D]CosponsorSponsored BillsHD-078FollowTheMoneyBallotpediaVoteSmart
Senator Elgie Sims [D]CosponsorSponsored BillsSD-017FollowTheMoneyBallotpediaVoteSmart

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