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 Bill Status of SB0652  100th General Assembly


Short Description:  NEW MARKETS-REQUIREMENTS

Senate Sponsors
Sen. James F. Clayborne, Jr. - Antonio Muņoz - Linda Holmes, Cristina Castro, Toi W. Hutchinson, Patricia Van Pelt, Neil Anderson and Jil Tracy

House Sponsors
(Rep. Lou Lang - Arthur Turner - Elgie R. Sims, Jr. - LaToya Greenwood - William Davis, Daniel V. Beiser, Jay Hoffman, Marcus C. Evans, Jr., Justin Slaughter, Camille Y. Lilly, Sonya M. Harper and Carol Ammons)

Last Action
DateChamber Action
  6/29/2017SenateSent to the Governor

Statutes Amended In Order of Appearance
20 ILCS 663/5
20 ILCS 663/20
20 ILCS 663/25
20 ILCS 663/40
20 ILCS 663/43 new
20 ILCS 663/50
20 ILCS 663/55 new


Synopsis As Introduced
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.

Senate Floor Amendment No. 2
Makes technical corrections.

House Committee Amendment No. 4
Removes provisions from the engrossed bill increasing a limit for certified qualified equity investments from $20,000,000 to $50,000,000. Sets forth a schedule of allocation rounds enabled under the New Markets Development Program Act. Provides that provisions of that Act concerning prohibited activities and interests are not intended to affect ownership or affiliate interests that arise following the sixth anniversary of the issuance of the qualified equity investment. Provides that each qualified community development entity shall submit an annual report (in the engrossed bill, an annual job creation report), and makes changes concerning the information required to be disclosed in that report.

Actions 
DateChamber Action
  1/25/2017SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  1/25/2017SenateFirst Reading
  1/25/2017SenateReferred to Assignments
  1/26/2017SenateAdded as Chief Co-Sponsor Sen. Antonio Muņoz
  2/1/2017SenateAssigned to Commerce and Economic Development
  2/7/2017SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  2/9/2017SenateAdded as Co-Sponsor Sen. Cristina Castro
  2/9/2017SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
  3/1/2017SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
  3/2/2017SenateDo Pass Commerce and Economic Development; 009-000-000
  3/2/2017SenatePlaced on Calendar Order of 2nd Reading March 7, 2017
  3/2/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. James F. Clayborne, Jr.
  3/2/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/2/2017SenateAdded as Co-Sponsor Sen. Neil Anderson
  3/7/2017SenateSenate Floor Amendment No. 1 Assignments Refers to Commerce and Economic Development
  3/7/2017SenateAdded as Co-Sponsor Sen. Jil Tracy
  3/8/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. James F. Clayborne, Jr.
  3/8/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/15/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Commerce and Economic Development
  3/16/2017SenateSenate Floor Amendment No. 2 Recommend Do Adopt Commerce and Economic Development; 011-000-000
  3/28/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/28/2017SenateSenate Floor Amendment No. 1 Be Approved for Consideration Assignments
  3/30/2017SenateSecond Reading
  3/30/2017SenateSenate Floor Amendment No. 2 Adopted; Clayborne
  3/30/2017SenatePlaced on Calendar Order of 3rd Reading April 4, 2017
  4/27/2017SenateThird Reading - Passed; 051-001-000
  4/27/2017SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/28/2017HouseArrived in House
  4/28/2017HouseChief House Sponsor Rep. Lou Lang
  4/28/2017HouseFirst Reading
  4/28/2017HouseReferred to Rules Committee
  5/9/2017HouseAssigned to Executive Committee
  5/9/2017HouseAdded Alternate Co-Sponsor Rep. Daniel V. Beiser
  5/11/2017HouseAdded Alternate Chief Co-Sponsor Rep. Arthur Turner
  5/11/2017HouseAdded Alternate Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
  5/11/2017HouseAdded Alternate Co-Sponsor Rep. Jay Hoffman
  5/15/2017HouseAdded Alternate Chief Co-Sponsor Rep. LaToya Greenwood
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/17/2017HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/19/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Lou Lang
  5/19/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/26/2017HouseAdded Alternate Chief Co-Sponsor Rep. William Davis
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/28/2017HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Lou Lang
  5/28/2017HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  5/28/2017HouseHouse Committee Amendment No. 3 Filed with Clerk by Rep. Lou Lang
  5/28/2017HouseHouse Committee Amendment No. 3 Referred to Rules Committee
  5/29/2017HouseHouse Committee Amendment No. 4 Filed with Clerk by Rep. Lou Lang
  5/29/2017HouseHouse Committee Amendment No. 4 Referred to Rules Committee
  5/30/2017HouseHouse Committee Amendment No. 4 Rules Refers to Executive Committee
  5/30/2017HouseHouse Committee Amendment No. 4 Adopted in Executive Committee; by Voice Vote
  5/30/2017HouseDo Pass as Amended / Short Debate Executive Committee; 011-000-000
  5/30/2017HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  5/30/2017HouseHouse Committee Amendment No. 2 Tabled Pursuant to Rule 40
  5/30/2017HouseHouse Committee Amendment No. 3 Tabled Pursuant to Rule 40
  5/30/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/30/2017HouseSecond Reading - Short Debate
  5/30/2017HouseHeld on Calendar Order of Second Reading - Short Debate
  5/31/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/31/2017HouseThird Reading - Short Debate - Passed 111-000-000
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Sonya M. Harper
  5/31/2017HouseAdded Alternate Co-Sponsor Rep. Carol Ammons
  5/31/2017SenateSecretary's Desk - Concurrence House Amendment(s) 4
  5/31/2017SenatePlaced on Calendar Order of Concurrence House Amendment(s) 4 - May 31, 2017
  5/31/2017SenateHouse Committee Amendment No. 4 Motion to Concur Filed with Secretary Sen. James F. Clayborne, Jr.
  5/31/2017SenateHouse Committee Amendment No. 4 Motion to Concur Referred to Assignments
  5/31/2017SenateHouse Committee Amendment No. 4 Motion to Concur Be Approved for Consideration Assignments
  5/31/2017SenateHouse Committee Amendment No. 4 Senate Concurs 053-000-000
  5/31/2017SenateSenate Concurs
  5/31/2017SenatePassed Both Houses
  6/29/2017SenateSent to the Governor

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