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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

Last Action
DateChamber Action
  3/2/2017SenatePlaced on Calendar Order of 2nd Reading March 7, 2017

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.

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

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