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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1824
Introduced 2/20/2009, by Sen. James F. Clayborne, Jr. SYNOPSIS AS INTRODUCED:
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Amends the New Markets Development Program Act. Makes a technical change in a Section concerning the annual cap on credits.
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A BILL FOR
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SB1824 |
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LRB096 11239 HLH 21649 b |
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The New Markets Development Program Act is |
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| amended by changing Section 20 as follows:
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| (20 ILCS 663/20)
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| Sec. 20. Annual cap on credits. The Department shall limit |
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| the the monetary amount of qualified equity investments |
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| permitted under this Act to a level necessary to limit tax |
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| credit use at no more than $10,000,000 of tax credits in any |
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| fiscal year. This limitation on qualified equity investments |
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| shall be based on the anticipated use of credits without regard |
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| to the potential for taxpayers to carry forward tax credits to |
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| later tax years.
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| (Source: P.A. 95-1024, eff. 12-31-08.)
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