Date	Chamber	Action
12/3/2014	House	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. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2015.

Actions 

Date	Chamber	Action
2/4/2014	House	Filed with the Clerk by Rep. Frank J. Mautino
2/4/2014	House	First Reading
2/4/2014	House	Referred to Rules Committee
2/26/2014	House	Added Chief Co-Sponsor Rep. John M. Cabello
3/6/2014	House	Added Co-Sponsor Rep. Rich Brauer
3/6/2014	House	Added Co-Sponsor Rep. Greg Harris
3/6/2014	House	Added Chief Co-Sponsor Rep. Jerry F. Costello, II
3/6/2014	House	Chief Co-Sponsor Changed to Rep. Jerry F. Costello, II
3/18/2014	House	Added Co-Sponsor Rep. Emanuel Chris Welch
3/19/2014	House	Assigned to Revenue & Finance Committee
3/21/2014	House	To Property Tax Subcommittee
3/28/2014	House	Rule 19(a) / Re-referred to Rules Committee
4/8/2014	House	Added Co-Sponsor Rep. Mike Smiddy
4/8/2014	House	Added Co-Sponsor Rep. Patrick J. Verschoore
5/7/2014	House	Added Co-Sponsor Rep. Jack D. Franks
12/3/2014	House	Session Sine Die

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