Bill Text: IL SB2168 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Creates the Historic Rehabilitation Tax Credit Act. Authorizes tax credits against Illinois income taxes and insurance company privilege taxes for 25% of the costs of rehabilitating certain historic property located in a River Edge Redevelopment Zone. Allows excess credits to be carried back and forward. Allows credits to be transferred, sold, or assigned. Administered by the Department of Commerce and Economic Opportunity. Sets forth application and award procedures. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 10-5)
Status: (Passed) 2011-07-28 - Public Act . . . . . . . . . 97-0203 [SB2168 Detail]
Download: Illinois-2011-SB2168-Amended.html
Bill Title: Creates the Historic Rehabilitation Tax Credit Act. Authorizes tax credits against Illinois income taxes and insurance company privilege taxes for 25% of the costs of rehabilitating certain historic property located in a River Edge Redevelopment Zone. Allows excess credits to be carried back and forward. Allows credits to be transferred, sold, or assigned. Administered by the Department of Commerce and Economic Opportunity. Sets forth application and award procedures. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 10-5)
Status: (Passed) 2011-07-28 - Public Act . . . . . . . . . 97-0203 [SB2168 Detail]
Download: Illinois-2011-SB2168-Amended.html
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1 | AMENDMENT TO SENATE BILL 2168
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2 | AMENDMENT NO. ______. Amend Senate Bill 2168 on page 2, by | ||||||
3 | replacing lines 5 and 6 with " Economic Opportunity. The "; and
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4 | on page 3, line 3, after the period, by inserting " The | ||||||
5 | Department of Commerce and Economic Opportunity may adopt rules | ||||||
6 | to implement this Section. "; and
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7 | on page 3, by replacing lines 4 through 14 with the following:
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8 | " (c) If the amount of the credit exceeds the taxpayer's | ||||||
9 | liability for the year, then the excess may be carried forward | ||||||
10 | and applied to the tax liability of the 5 taxable years | ||||||
11 | following the excess credit year. The tax credit shall be | ||||||
12 | applied to the earliest year for which there is a tax | ||||||
13 | liability. If there are credits for more than one year that are | ||||||
14 | available to offset a liability, the earlier credit shall be | ||||||
15 | applied first. "; and
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1 | on page 4, by replacing lines 8 through 19 with the following: | ||||||
2 | " historic structure. Partners, shareholders of subchapter S | ||||||
3 | corporations, and owners of limited liability companies (if the | ||||||
4 | limited liability company is treated as a partnership for | ||||||
5 | purposes of federal and State income taxation) are entitled to | ||||||
6 | a credit under this Section to be determined in accordance with | ||||||
7 | the determination of income and distributive share of income | ||||||
8 | under Sections 702 and 703 and subchapter S of the Internal | ||||||
9 | Revenue Code, provided that credits granted to a partnership, a | ||||||
10 | limited ; and
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11 | on page 4, immediately below line 24, by inserting the | ||||||
12 | following:
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13 | "Section 15. The River Edge Redevelopment Zone Act is | ||||||
14 | amended by changing Sections 10-2 and 10-5.3 as follows:
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15 | (65 ILCS 115/10-2)
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16 | Sec. 10-2. Findings. The General Assembly finds and | ||||||
17 | declares that those municipalities adjacent to or surrounding | ||||||
18 | river areas often lack critical tools to safely revive and | ||||||
19 | redevelop environmentally-challenged properties that will | ||||||
20 | stimulate economic revitalization and create jobs in Illinois. | ||||||
21 | Environmentally-challenged properties adjacent to or | ||||||
22 | surrounding Illinois rivers are a threat to the health, safety, | ||||||
23 | and welfare of the people of this State. Many of these |
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1 | environmentally-challenged properties adjacent to or | ||||||
2 | surrounding rivers were former industrial areas that now, | ||||||
3 | subject to appropriate environmental clean-up and remediation, | ||||||
4 | would be ideal for office, residential, retail, hospitality, | ||||||
5 | commercial, recreational, warehouse and distribution, and | ||||||
6 | other economically productive uses. The cost of the cleaning | ||||||
7 | and remediation of these environmentally-challenged properties | ||||||
8 | is often the primary obstacle to returning these properties to | ||||||
9 | a safe and economically productive use. | ||||||
10 | Cooperative and continuous partnership among the State, | ||||||
11 | through the Department of Commerce and Economic Opportunity and | ||||||
12 | the Environmental Protection Agency, municipalities adjacent | ||||||
13 | to or surrounding rivers, and the private sector is necessary | ||||||
14 | to appropriately encourage the cost-effective cleaning and | ||||||
15 | remediation of these environmentally-challenged properties in | ||||||
16 | order to bring about a safe and economically productive use of | ||||||
17 | the properties. | ||||||
18 | Therefore, it is declared to be the purpose of this Act to | ||||||
19 | identify and initiate 3 pilot River Edge Redevelopment Zones to | ||||||
20 | stimulate the safe and cost-effective re-use of | ||||||
21 | environmentally-challenged properties adjacent to or | ||||||
22 | surrounding rivers by means of tax incentives or grants. On or | ||||||
23 | after the effective date of this amendatory Act of the 97th | ||||||
24 | General Assembly, the Department may certify an additional | ||||||
25 | pilot River Edge Redevelopment Zone in the City of Peoria.
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26 | (Source: P.A. 94-1021, eff. 7-12-06; 94-1022, eff. 7-12-06.)
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1 | (65 ILCS 115/10-5.3)
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2 | Sec. 10-5.3. Certification of River Edge Redevelopment | ||||||
3 | Zones. | ||||||
4 | (a) Approval of designated River Edge Redevelopment Zones | ||||||
5 | shall be made by the Department by certification of the | ||||||
6 | designating ordinance. The Department shall promptly issue a | ||||||
7 | certificate for each zone upon its approval. The certificate | ||||||
8 | shall be signed by the Director of the Department, shall make | ||||||
9 | specific reference to the designating ordinance, which shall be | ||||||
10 | attached thereto, and shall be filed in the office of the | ||||||
11 | Secretary of State. A certified copy of the River Edge | ||||||
12 | Redevelopment Zone Certificate, or a duplicate original | ||||||
13 | thereof, shall be recorded in the office of the recorder of | ||||||
14 | deeds of the county in which the River Edge Redevelopment Zone | ||||||
15 | lies. | ||||||
16 | (b) A River Edge Redevelopment Zone shall be effective upon | ||||||
17 | its certification. The Department shall transmit a copy of the | ||||||
18 | certification to the Department of Revenue, and to the | ||||||
19 | designating municipality.
Upon certification of a River Edge | ||||||
20 | Redevelopment Zone, the terms and provisions of the designating | ||||||
21 | ordinance shall be in effect, and may not be amended or | ||||||
22 | repealed except in accordance with Section 10-5.4. | ||||||
23 | (c) A River Edge Redevelopment Zone shall be in effect for | ||||||
24 | the period stated in the certificate, which shall in no event | ||||||
25 | exceed 30 calendar years. Zones shall terminate at midnight of |
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1 | December 31 of the final calendar year of the certified term, | ||||||
2 | except as provided in Section 10-5.4. | ||||||
3 | (d) In calendar years 2006 and 2007, the Department may | ||||||
4 | certify one pilot River Edge Redevelopment Zone in the City of | ||||||
5 | East St. Louis, one pilot River Edge Redevelopment Zone in the | ||||||
6 | City of Rockford, and one pilot River Edge Redevelopment Zone | ||||||
7 | in the City of Aurora. | ||||||
8 | In calendar year 2009, the Department may certify one pilot | ||||||
9 | River Edge Redevelopment Zone in the City of Elgin. | ||||||
10 | On or after the effective date of this amendatory Act of | ||||||
11 | the 97th General Assembly, the Department may certify one | ||||||
12 | additional pilot River Edge Redevelopment Zone in the City of | ||||||
13 | Peoria. | ||||||
14 | Thereafter the Department may not certify any additional | ||||||
15 | River Edge Redevelopment Zones, but may amend and rescind | ||||||
16 | certifications of existing River Edge Redevelopment Zones in | ||||||
17 | accordance with Section 10-5.4. | ||||||
18 | (e) A municipality in which a River Edge Redevelopment Zone | ||||||
19 | has been certified must submit to the Department, within 60 | ||||||
20 | days after the certification, a plan for encouraging the | ||||||
21 | participation by minority persons, females, persons with | ||||||
22 | disabilities, and veterans in the zone. The Department may | ||||||
23 | assist the municipality in developing and implementing the | ||||||
24 | plan. The terms "minority person", "female", and "person with a | ||||||
25 | disability" have the meanings set forth under Section 2 of the | ||||||
26 | Business Enterprise for Minorities, Females, and Persons with |
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1 | Disabilities Act. "Veteran" means an Illinois resident who is a | ||||||
2 | veteran as defined in subsection (h) of Section 1491 of Title | ||||||
3 | 10 of the United States Code.
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4 | (Source: P.A. 96-37, eff. 7-13-09.)".
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