Bill Status of SB 1755   103rd General Assembly

Short Description:  NEW MARKET DEVELOPMENT PROGRAM

Senate Sponsors
Sen. Christopher Belt, Terri Bryant and Paul Faraci-Doris Turner

Last Action  View All Actions

DateChamber Action
  1/7/2025SenateSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 663/5
20 ILCS 663/20
20 ILCS 663/25
20 ILCS 663/40
20 ILCS 663/45
20 ILCS 663/55

Synopsis As Introduced
Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Actions 
DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Christopher Belt
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Revenue
  2/27/2023SenateAdded as Co-Sponsor Sen. Terri Bryant
  3/3/2023SenateAdded as Co-Sponsor Sen. Paul Faraci
  3/8/2023SenateAdded as Chief Co-Sponsor Sen. Doris Turner
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments
  1/7/2025SenateSession Sine Die

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