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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3256 Introduced 2/19/2021, by Rep. Jay Hoffman SYNOPSIS AS INTRODUCED:
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Amends the New Markets Development Program Act. Provides that qualified equity investments may be made under the Act without reauthorization through fiscal year 2026 (currently, fiscal year 2021). Effective immediately.
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| | A BILL FOR |
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| | HB3256 | | LRB102 11775 RJF 17110 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The New Markets Development Program Act is |
| 5 | | amended by changing Section 50 as follows:
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| 6 | | (20 ILCS 663/50)
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| 7 | | Sec. 50. Sunset. For fiscal years following fiscal year |
| 8 | | 2026 2021, qualified equity investments shall not be made |
| 9 | | under this Act unless reauthorization is made pursuant to this |
| 10 | | Section. For all fiscal years following fiscal year 2026 2021, |
| 11 | | unless the General Assembly adopts a joint resolution granting |
| 12 | | authority to the Department to approve qualified equity |
| 13 | | investments for the Illinois new markets development program |
| 14 | | and clearly describing the amount of tax credits available for |
| 15 | | the next fiscal year, or otherwise complies with the |
| 16 | | provisions of this Section, no qualified equity investments |
| 17 | | may be permitted to be made under this Act. The amount of |
| 18 | | available tax credits contained in such a resolution shall not |
| 19 | | exceed the limitation provided under Section 20. Nothing in |
| 20 | | this Section precludes a taxpayer who makes a qualified equity |
| 21 | | investment prior to the expiration of authority to make |
| 22 | | qualified equity investments from claiming tax credits |
| 23 | | relating to that qualified equity investment for each |