Illinois General Assembly - Bill Status for SB2217

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Bill Status of SB2217 99th General Assembly

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Short Description: REHABILITATION TAX CREDIT

Senate Sponsors
Sen. Pamela J. Althoff and Donne E. Trotter

Last Action

Date	Chamber	Action
1/10/2017	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/224 new

215 ILCS 5/409.1 new

Synopsis As Introduced
Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2017.

Actions

Date	Chamber	Action
1/13/2016	Senate	Filed with Secretary by Sen. Pamela J. Althoff
1/13/2016	Senate	First Reading
1/13/2016	Senate	Referred to Assignments
1/27/2016	Senate	Assigned to Revenue
2/18/2016	Senate	To Subcommittee on Tax Credits
3/2/2016	Senate	Added as Co-Sponsor Sen. Donne E. Trotter
4/8/2016	Senate	Rule 2-10 Committee Deadline Established As April 22, 2016
4/22/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
5/13/2016	Senate	Rule 3-9(a) / Re-referred to Assignments
1/10/2017	Senate	Session Sine Die

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