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]

Text: Latest bill text (Chaptered) [HTML]

---

Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2017-05-31	53	0	6	0	59	Passed	Link	View
House	Third Reading in House	2017-05-31	111	0	4	1	116	Passed	Link	View
Senate	Third Reading in Senate	2017-04-27	51	1	7	0	59	Passed	Link	View