Bill Text: IL SB0652 | 2017-2018 | 100th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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.
Spectrum: Moderate Partisan Bill (Democrat 18-2)
Status: (Passed) 2017-08-25 - Public Act . . . . . . . . . 100-0408 [SB0652 Detail]
Download: Illinois-2017-SB0652-Enrolled.html
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.
Spectrum: Moderate Partisan Bill (Democrat 18-2)
Status: (Passed) 2017-08-25 - Public Act . . . . . . . . . 100-0408 [SB0652 Detail]
Download: Illinois-2017-SB0652-Enrolled.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The New Markets Development Program Act is | ||||||
5 | amended by changing Sections 5, 20, 25, 40, and 50 and by | ||||||
6 | adding Sections 43 and 55 as follows:
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7 | (20 ILCS 663/5)
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8 | Sec. 5. Definitions. As used in this Act:
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9 | "Applicable percentage" means 0% for each of the first 2 | ||||||
10 | credit allowance dates, 7% for the third credit allowance date, | ||||||
11 | and 8% for the next 4 credit allowance dates. | ||||||
12 | "Credit allowance date" means with respect to any qualified | ||||||
13 | equity investment:
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14 | (1) the date on which the investment is initially made; | ||||||
15 | and | ||||||
16 | (2) each of the 6 anniversary dates of that date | ||||||
17 | thereafter. | ||||||
18 | "Department" means the Department of Commerce and Economic | ||||||
19 | Opportunity. | ||||||
20 | "Long-term debt security" means any debt instrument issued | ||||||
21 | by a qualified community development entity, at par value or a | ||||||
22 | premium, with an original maturity date of at least 7 years | ||||||
23 | from the date of its issuance, with no acceleration of |
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1 | repayment, amortization, or prepayment features prior to its | ||||||
2 | original maturity date. Cumulative cash payments of interest on | ||||||
3 | the qualified debt instrument during the period commencing with | ||||||
4 | the issuance of the qualified debt instrument and ending with | ||||||
5 | the seventh anniversary of its issuance shall not exceed the | ||||||
6 | sum of such cash interest payments and the cumulative net | ||||||
7 | income of the issuing community development entity for the same | ||||||
8 | period. This definition in no way limits the holder's ability | ||||||
9 | to accelerate payments on the debt instrument in situations | ||||||
10 | where the issuer has defaulted on covenants designed to ensure | ||||||
11 | compliance with this Act or Section 45D of the Internal Revenue | ||||||
12 | Code of 1986, as amended. | ||||||
13 | "Purchase price" means the amount paid to the issuer of a | ||||||
14 | qualified equity investment for that qualified equity | ||||||
15 | investment. | ||||||
16 | "Qualified active low-income community business" has the | ||||||
17 | meaning given to that term in Section 45D of the Internal | ||||||
18 | Revenue Code of 1986, as amended; except that any business that | ||||||
19 | derives or projects to derive 15% or more of its annual revenue | ||||||
20 | from the rental or sale of real estate is not considered to be | ||||||
21 | a qualified active low-income community business. This | ||||||
22 | exception does not apply to a business that is controlled by or | ||||||
23 | under common control with another business if the second | ||||||
24 | business (i) does not derive or project to derive 15% or more | ||||||
25 | of its annual revenue from the rental or sale of real estate | ||||||
26 | and (ii) is the primary tenant of the real estate leased from |
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1 | the initial business. A business shall be considered a | ||||||
2 | qualified active low-income community business for the | ||||||
3 | duration of the qualified community development entity's | ||||||
4 | investment in or loan to the business if the entity reasonably | ||||||
5 | expects, at the time it makes the investment or loan, that the | ||||||
6 | business will continue to satisfy the requirements for being a | ||||||
7 | qualified active low-income community business throughout the | ||||||
8 | entire period of the investment or loan. | ||||||
9 | "Qualified community development entity" has the meaning | ||||||
10 | given to that term in Section 45D of the Internal Revenue Code | ||||||
11 | of 1986, as amended; provided that such entity has entered | ||||||
12 | into, or is controlled by an entity that has entered into, an | ||||||
13 | allocation agreement with the Community Development Financial | ||||||
14 | Institutions Fund of the U.S. Treasury Department with respect | ||||||
15 | to credits authorized by Section 45D of the Internal Revenue | ||||||
16 | Code of 1986, as amended, that includes the State of Illinois | ||||||
17 | within the service area set forth in that allocation agreement. | ||||||
18 | "Qualified equity investment" means any equity investment | ||||||
19 | in, or long-term debt security issued by, a qualified community | ||||||
20 | development entity that:
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21 | (1) is acquired after the effective date of this Act at | ||||||
22 | its original issuance solely in exchange for cash; | ||||||
23 | (2) with respect to qualified equity investments made | ||||||
24 | before January 1, 2017, has at least 85% of its cash | ||||||
25 | purchase price used by the issuer to make qualified | ||||||
26 | low-income community investments in the State of Illinois , |
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1 | and, with respect to qualified equity investments made on | ||||||
2 | or after January 1, 2017, has 100% of the cash purchase | ||||||
3 | price used by the issuer to make qualified low-income | ||||||
4 | community investments in the State of Illinois ; and | ||||||
5 | (3) is designated by the issuer as a qualified equity | ||||||
6 | investment under this
Act ; with respect to qualified equity | ||||||
7 | investments made on or after January 1, 2017, is designated | ||||||
8 | by the issuer as a qualified equity investment under | ||||||
9 | Section 45D of the Internal Revenue Code of 1986, as | ||||||
10 | amended; and is certified by the Department as not | ||||||
11 | exceeding the limitation contained in Section 20. | ||||||
12 | This term includes any qualified equity investment that | ||||||
13 | does not meet the provisions of item (1) of this definition if | ||||||
14 | the investment was a qualified equity investment in the hands | ||||||
15 | of a prior holder. | ||||||
16 | "Qualified low-income community investment" means any | ||||||
17 | capital or equity investment in, or loan to, any qualified | ||||||
18 | active low-income community business. With respect to any one | ||||||
19 | qualified active low-income community business, the maximum | ||||||
20 | amount of qualified low-income community investments made in | ||||||
21 | that business, on a collective basis with all of its affiliates | ||||||
22 | that may be counted towards the satisfaction of paragraph (2) | ||||||
23 | of the definition of qualified equity investment, shall be | ||||||
24 | $10,000,000 whether issued to one or several qualified | ||||||
25 | community development entities. | ||||||
26 | "Tax credit" means a credit against any income, franchise, |
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1 | or insurance premium taxes , including insurance retaliatory | ||||||
2 | taxes, otherwise due under Illinois law.
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3 | "Taxpayer" means any individual or entity subject to any | ||||||
4 | income, franchise, or insurance premium tax under Illinois law.
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5 | (Source: P.A. 95-1024, eff. 12-31-08.)
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6 | (20 ILCS 663/20)
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7 | Sec. 20. Annual cap on credits. The Department shall limit | ||||||
8 | the monetary amount of qualified equity investments permitted | ||||||
9 | under this Act to a level necessary to limit tax credit use at | ||||||
10 | no more than $20,000,000 of tax credits in any fiscal year. | ||||||
11 | This limitation on qualified equity investments shall be based | ||||||
12 | on the anticipated use of credits without regard to the | ||||||
13 | potential for taxpayers to carry forward tax credits to later | ||||||
14 | tax years.
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15 | (Source: P.A. 95-1024, eff. 12-31-08; 96-939, eff. 7-1-10.)
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16 | (20 ILCS 663/25)
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17 | Sec. 25. Certification of qualified equity investments. | ||||||
18 | (a) A qualified community development entity that seeks to | ||||||
19 | have an equity investment or long-term debt security designated | ||||||
20 | as a qualified equity investment and eligible for tax credits | ||||||
21 | under this Section shall apply to the Department. The qualified | ||||||
22 | community development entity must submit an application on a | ||||||
23 | form that the Department provides that includes: | ||||||
24 | (1) The name, address, tax identification number of the |
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1 | entity, and evidence of the entity's certification as a | ||||||
2 | qualified community development entity. | ||||||
3 | (2) A copy of the allocation agreement executed by the | ||||||
4 | entity, or its controlling entity, and the Community | ||||||
5 | Development Financial Institutions Fund. | ||||||
6 | (3) A certificate executed by an executive officer of | ||||||
7 | the entity attesting that the allocation agreement remains | ||||||
8 | in effect and has not been revoked or cancelled by the | ||||||
9 | Community Development Financial Institutions Fund. | ||||||
10 | (4) A description of the proposed amount, structure, | ||||||
11 | and purchaser of the equity investment or long-term debt | ||||||
12 | security. | ||||||
13 | (5) The name and tax identification number of any | ||||||
14 | taxpayer eligible to utilize tax credits earned as a result | ||||||
15 | of the issuance of the qualified equity investment. | ||||||
16 | (6) Information regarding the proposed use of proceeds | ||||||
17 | from the issuance of the qualified equity investment. | ||||||
18 | (7) A nonrefundable application fee of $5,000. This fee | ||||||
19 | shall be paid to the Department and shall be required of | ||||||
20 | each application submitted. | ||||||
21 | (8) With respect to qualified equity investments made | ||||||
22 | on or after January 1, 2017, the amount of qualified equity | ||||||
23 | investment authority the applicant agrees to designate as a | ||||||
24 | federal qualified equity investment under Section 45D of | ||||||
25 | the Internal Revenue Code, including a copy of the screen | ||||||
26 | shot from the Community Development Financial Institutions |
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1 | Fund's Allocation Tracking System of the applicant's | ||||||
2 | remaining federal qualified equity investment authority. | ||||||
3 | (b) Within 30 days after receipt of a completed application | ||||||
4 | containing the information necessary for the Department to | ||||||
5 | certify a potential qualified equity investment, including the | ||||||
6 | payment of the application fee, the Department shall grant or | ||||||
7 | deny the application in full or in part. If the Department | ||||||
8 | denies any part of the application, it shall inform the | ||||||
9 | qualified community development entity of the grounds for the | ||||||
10 | denial. If the qualified community development entity provides | ||||||
11 | any additional information required by the Department or | ||||||
12 | otherwise completes its application within 15 days of the | ||||||
13 | notice of denial, the application shall be considered completed | ||||||
14 | as of the original date of submission. If the qualified | ||||||
15 | community development entity fails to provide the information | ||||||
16 | or complete its application within the 15-day period, the | ||||||
17 | application remains denied and must be resubmitted in full with | ||||||
18 | a new submission date. | ||||||
19 | (c) If the application is deemed complete, the Department | ||||||
20 | shall certify the proposed equity investment or long-term debt | ||||||
21 | security as a qualified equity investment that is eligible for | ||||||
22 | tax credits under this Section, subject to the limitations | ||||||
23 | contained in Section 20. The Department shall provide written | ||||||
24 | notice of the certification to the qualified community | ||||||
25 | development entity. The notice shall include the names of those | ||||||
26 | taxpayers who are eligible to utilize the credits and their |
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1 | respective credit amounts. If the names of the taxpayers who | ||||||
2 | are eligible to utilize the credits change due to a transfer of | ||||||
3 | a qualified equity investment or a change in an allocation | ||||||
4 | pursuant to Section 15, the qualified community development | ||||||
5 | entity shall notify the Department of such change. | ||||||
6 | (d) With respect to applications received before January 1, | ||||||
7 | 2017, the The Department shall certify qualified equity | ||||||
8 | investments in the order applications are received by the | ||||||
9 | Department. Applications received on the same day shall be | ||||||
10 | deemed to have been received simultaneously. For applications | ||||||
11 | received on the same day and deemed complete, the Department | ||||||
12 | shall certify, consistent with remaining tax credit capacity, | ||||||
13 | qualified equity investments in proportionate percentages | ||||||
14 | based upon the ratio of the amount of qualified equity | ||||||
15 | investment requested in an application to the total amount of | ||||||
16 | qualified equity investments requested in all applications | ||||||
17 | received on the same day. | ||||||
18 | (d-5) With respect to applications received on or after | ||||||
19 | January 1, 2017, the Department shall certify applications by | ||||||
20 | applicants that agree to designate qualified equity | ||||||
21 | investments as federal qualified equity investments in | ||||||
22 | accordance with item (8) of subsection (a) of this Section in | ||||||
23 | proportionate percentages based upon the ratio of the amount of | ||||||
24 | qualified equity investments requested in an application to be | ||||||
25 | designated as federal qualified equity investments to the total | ||||||
26 | amount of qualified equity investments to be designated as |
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1 | federal qualified equity investments requested in all | ||||||
2 | applications received on the same day. | ||||||
3 | (d-10) With respect to applications received on or after | ||||||
4 | January 1, 2017, after complying with subsection (d-5), the | ||||||
5 | Department shall certify the qualified equity investments of | ||||||
6 | all other applicants, including the remaining qualified equity | ||||||
7 | investment authority requested by applicants not designated as | ||||||
8 | federal qualified equity investments in accordance with item | ||||||
9 | (8) of subsection (a) of this Section, in proportionate | ||||||
10 | percentages based upon the ratio of the amount of qualified | ||||||
11 | equity investments requested in the applications to the total | ||||||
12 | amount of qualified equity investments requested in all | ||||||
13 | applications received on the same day. | ||||||
14 | (e) Once the Department has certified qualified equity | ||||||
15 | investments that, on a cumulative basis, are eligible for | ||||||
16 | $20,000,000 in tax credits, the Department may not certify any | ||||||
17 | more qualified equity investments. If a pending request cannot | ||||||
18 | be fully certified, the Department shall certify the portion | ||||||
19 | that may be certified unless the qualified community | ||||||
20 | development entity elects to withdraw its request rather than | ||||||
21 | receive partial credit. | ||||||
22 | (f) Within 30 days after receiving notice of certification, | ||||||
23 | the qualified community development entity shall (i) issue the | ||||||
24 | qualified equity investment and receive cash in the amount of | ||||||
25 | the certified amount and (ii) with respect to qualified equity | ||||||
26 | investments made on or after January 1, 2017, if applicable, |
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1 | designate the required amount of qualified equity investment | ||||||
2 | authority as a federal qualified equity investment . The | ||||||
3 | qualified community development entity must provide the | ||||||
4 | Department with evidence of the receipt of the cash investment | ||||||
5 | within 10 business days after receipt and, with respect to | ||||||
6 | qualified equity investments made on or after January 1, 2017, | ||||||
7 | if applicable, provide evidence that the required amount of | ||||||
8 | qualified equity investment authority was designated as a | ||||||
9 | federal qualified equity investment . If the qualified | ||||||
10 | community development entity does not receive the cash | ||||||
11 | investment and issue the qualified equity investment within 30 | ||||||
12 | days following receipt of the certification notice, the | ||||||
13 | certification shall lapse and the entity may not issue the | ||||||
14 | qualified equity investment without reapplying to the | ||||||
15 | Department for certification. A certification that lapses | ||||||
16 | reverts back to the Department and may be reissued only in | ||||||
17 | accordance with the application process outline in this Section | ||||||
18 | 25.
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19 | (g) Allocation rounds enabled by this Act shall be applied | ||||||
20 | for according to the following schedule: | ||||||
21 | (1) on January 2, 2019, $125,000,000 of qualified | ||||||
22 | equity investments; and | ||||||
23 | (2) on January 2, 2020, $125,000,000 of qualified | ||||||
24 | equity investments. | ||||||
25 | (Source: P.A. 95-1024, eff. 12-31-08; 96-939, eff. 7-1-10.)
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1 | (20 ILCS 663/40)
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2 | Sec. 40. Recapture. The Department of Revenue shall | ||||||
3 | recapture, from the taxpayer that claimed the credit on a | ||||||
4 | return, the tax credit allowed under this Act if: | ||||||
5 | (1) any amount of the federal tax credit available with | ||||||
6 | respect to a qualified equity investment that is eligible | ||||||
7 | for a tax credit under this Act is recaptured under Section | ||||||
8 | 45D of the Internal Revenue Code of 1986, as amended. In | ||||||
9 | that case, the Department of Revenue's recapture shall be | ||||||
10 | proportionate to the federal recapture with respect to that | ||||||
11 | qualified equity investment; | ||||||
12 | (2) the issuer redeems or makes principal repayment | ||||||
13 | with respect to a qualified equity investment prior to the | ||||||
14 | 7th anniversary of the issuance of the qualified equity | ||||||
15 | investment. In that case, the Department of Revenue's | ||||||
16 | recapture shall be proportionate to the amount of the | ||||||
17 | redemption or repayment with respect to the qualified | ||||||
18 | equity investment; or | ||||||
19 | (3) the issuer fails to invest at least 85% of the cash | ||||||
20 | purchase price of the qualified equity investment with | ||||||
21 | respect to qualified equity investments made before | ||||||
22 | January 1, 2017 and 100% of the cash purchase price of the | ||||||
23 | qualified equity investment with respect to qualified | ||||||
24 | equity investments made on or after January 1, 2017 in | ||||||
25 | qualified low-income community investments in the State of | ||||||
26 | Illinois within 12 months of the issuance of the qualified |
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1 | equity investment and maintain such level of investment in | ||||||
2 | qualified low-income community investments in Illinois | ||||||
3 | until the last credit allowance date for such qualified | ||||||
4 | equity investment ; or . | ||||||
5 | (4) with respect to qualified equity investments made | ||||||
6 | on or after January 1, 2017, the issuer violates Section 43 | ||||||
7 | of this Act. | ||||||
8 | For purposes of this Section, an investment shall be | ||||||
9 | considered held by an issuer even if the investment has been | ||||||
10 | sold or repaid; provided that the issuer reinvests an amount | ||||||
11 | equal to the capital returned to or recovered by the issuer | ||||||
12 | from the original investment, exclusive of any profits | ||||||
13 | realized, in another qualified low-income community investment | ||||||
14 | in this State within 12 months after the receipt of that | ||||||
15 | capital. An issuer is not required to reinvest capital returned | ||||||
16 | from qualified low-income community investments after the 6th | ||||||
17 | anniversary of the issuance of the qualified equity investment, | ||||||
18 | the proceeds of which were used to make the qualified | ||||||
19 | low-income community investment, and the qualified low-income | ||||||
20 | community investment shall be considered held by the issuer | ||||||
21 | through the 7th anniversary of the qualified equity | ||||||
22 | investment's issuance. | ||||||
23 | The Department of Revenue shall provide notice to the | ||||||
24 | qualified community development entity of any proposed | ||||||
25 | recapture of tax credits pursuant to this Section. The entity | ||||||
26 | shall have 90 days to cure any deficiency indicated in the |
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1 | Department of Revenue's original recapture notice and avoid | ||||||
2 | such recapture. If the entity fails or is unable to cure such | ||||||
3 | deficiency with the 90-day period, the Department of Revenue | ||||||
4 | shall provide the entity and the taxpayer from whom the credit | ||||||
5 | is to be recaptured with a final order of recapture. Any tax | ||||||
6 | credit for which a final recapture order has been issued shall | ||||||
7 | be recaptured by the Department of Revenue from the taxpayer | ||||||
8 | who claimed the tax credit on a tax return.
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9 | (Source: P.A. 95-1024, eff. 12-31-08.)
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10 | (20 ILCS 663/43 new) | ||||||
11 | Sec. 43. Prohibited activities and interests. For | ||||||
12 | qualified equity investments made on or after January 1, 2017, | ||||||
13 | no qualified active low-income community business that | ||||||
14 | receives a qualified low-income community investment from a | ||||||
15 | qualified community development entity that issues qualified | ||||||
16 | equity investments under this Act, or any affiliates of such a | ||||||
17 | qualified active low-income community business, may directly | ||||||
18 | or indirectly (i) own or have the right to acquire an ownership | ||||||
19 | interest in a qualified community development entity or member | ||||||
20 | or affiliate of a qualified community development entity, | ||||||
21 | including, but not limited to, a holder of a qualified equity | ||||||
22 | investment issued by the qualified community development | ||||||
23 | entity or (ii) loan to or invest in a qualified community | ||||||
24 | development entity or member or affiliate of a qualified | ||||||
25 | community development entity, including, but not limited to, a |
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1 | holder of a qualified equity investment issued by a qualified | ||||||
2 | community development entity, where the proceeds of such loan | ||||||
3 | or investment are directly or indirectly used to fund or | ||||||
4 | refinance the purchase of a qualified equity investment under | ||||||
5 | this Act. For purposes of this Section, "affiliate" means an | ||||||
6 | entity that directly, or indirectly through one or more | ||||||
7 | intermediaries, controls, is controlled by, or is under common | ||||||
8 | control with another entity. For purposes of this Section, an | ||||||
9 | entity is "controlled by" another entity if the controlling | ||||||
10 | person holds, directly or indirectly, the majority voting or | ||||||
11 | ownership interest in the controlled person or has control over | ||||||
12 | the day-to-day operations of the controlled person by contract | ||||||
13 | or law, provided that a qualified community development entity | ||||||
14 | shall not be considered an affiliate of a qualified active | ||||||
15 | low-income community business solely as a result of its | ||||||
16 | qualified low-income community investment in such business. | ||||||
17 | This Section is not intended to affect ownership or affiliate | ||||||
18 | interests that arise following the sixth anniversary of the | ||||||
19 | issuance of the qualified equity investment.
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20 | (20 ILCS 663/50)
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21 | Sec. 50. Sunset. For fiscal years following fiscal year | ||||||
22 | 2021 2017 , qualified equity investments shall not be made under | ||||||
23 | this Act unless reauthorization is made pursuant to this | ||||||
24 | Section. For all fiscal years following fiscal year 2021 2017 , | ||||||
25 | unless the General Assembly adopts a joint resolution granting |
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1 | authority to the Department to approve qualified equity | ||||||
2 | investments for the Illinois new markets development program | ||||||
3 | and clearly describing the amount of tax credits available for | ||||||
4 | the next fiscal year, or otherwise complies with the provisions | ||||||
5 | of this Section, no qualified equity investments may be | ||||||
6 | permitted to be made under this Act. The amount of available | ||||||
7 | tax credits contained in such a resolution shall not exceed the | ||||||
8 | limitation provided under Section 20. Nothing in this Section | ||||||
9 | precludes a taxpayer who makes a qualified equity investment | ||||||
10 | prior to the expiration of authority to make qualified equity | ||||||
11 | investments from claiming tax credits relating to that | ||||||
12 | qualified equity investment for each applicable credit | ||||||
13 | allowance date.
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14 | (Source: P.A. 97-636, eff. 6-1-12 .)
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15 | (20 ILCS 663/55 new) | ||||||
16 | Sec. 55. Annual report. Each qualified community | ||||||
17 | development entity shall submit an annual report to the | ||||||
18 | Department within 45 days after the beginning of each calendar | ||||||
19 | year during the compliance period. No annual report shall be | ||||||
20 | due prior to the first anniversary of the initial credit | ||||||
21 | allowance date. The report shall include, but is not limited | ||||||
22 | to, the following: | ||||||
23 | (1) an attestation from an authorized officer of the | ||||||
24 | qualified community development entity that the entity has | ||||||
25 | not been the subject of any investigation by a government |
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1 | agency relating to tax credits or financial services during | ||||||
2 | the preceding calendar year; | ||||||
3 | (2) information with respect to all qualified | ||||||
4 | low-income community investments made by the qualified | ||||||
5 | community development entity, including: | ||||||
6 | (A) the date and amount of, and bank statements or | ||||||
7 | wire transfer reports documenting, such qualified | ||||||
8 | low-income community investments; | ||||||
9 | (B) the name, address, and EIN of each qualified | ||||||
10 | active low-income community business funded by the | ||||||
11 | qualified community development entity, the number of | ||||||
12 | persons employed by such business at the time of the | ||||||
13 | initial investment, and a brief description of the | ||||||
14 | business, the financing, and community benefits of the | ||||||
15 | financing; and | ||||||
16 | (C) the number of employment positions maintained | ||||||
17 | by each qualified active low-income community business | ||||||
18 | as of the date of report or the end of the preceding | ||||||
19 | calendar year and the average annual salaries of such | ||||||
20 | positions; and | ||||||
21 | (D) the total number of employment positions | ||||||
22 | created and retained as a result of qualified | ||||||
23 | low-income community investments and the average | ||||||
24 | annual salaries of those positions; and | ||||||
25 | (3) any changes with respect to the taxpayers entitled | ||||||
26 | to claim tax credits with respect to qualified equity |
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1 | investments issued by the qualified community development | ||||||
2 | entity since its last report pursuant to this Section. | ||||||
3 | The qualified community development entity is not required | ||||||
4 | to provide the annual report set forth in this Section for | ||||||
5 | qualified low-income community investments that have been | ||||||
6 | redeemed or repaid.
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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