Illinois General Assembly - Bill Status for SB2252

Creates the Green Energy Business Act. Authorizes the Department of Commerce and Economic Opportunity to receive and approve the applications of qualified businesses seeking designation as Green Energy Businesses. Amends the Illinois Income Tax Act, the Retailers' Occupation Tax Act, and the Public Utilities Act to provide that Green Energy Businesses are eligible for certain credits and exemptions under those Acts. Effective immediately.

Deletes everything after the enacting clause. Amends the Property Tax Code. In a Section concerning exemptions for charitable purposes, provides that property that qualifies for an exemption under the Section shall not lose the exemption because the legal title is held by an entity that is organized as a limited liability company, in which the charitable organization is a managing member, for the purposes of owning and operating residential rental property that has received Low Income Housing Tax Credits under the Internal Revenue Code.

Deletes everything after the enacting clause. Reinserts the provisions of House Amendment 1. Further amends a Section of the Property Tax Code concerning exemptions for charitable purposes. Provides that property that is entitled to an exemption under the Section shall not lose the exemption because the legal title is held by a limited liability company, so long as (i) the limited liability company's sole member or members are the institutions of public charity that actually and exclusively use the property for charitable and beneficent purposes; (ii) the limited liability company is deemed exempt from income tax liability by virtue of the Internal Revenue Code Section 501(c)(3) status of its sole member or members; and (iii) the limited liability company does not lease the property or otherwise use it with a view to profit (now, the property shall not lose the exemption if (i) the limited liability company receives a notification from the Internal Revenue Service that it qualifies under paragraph (2) or (3) of Section 501(c) of the Internal Revenue Code; (ii) the limited liability company's sole member or members are the institutions of public charity that actually and exclusively use the property for charitable and beneficent purposes; and (iii) the limited liability company does not lease the property or otherwise use it with a view to profit). Effective immediately.

Deletes everything after the enacting clause. Amends the Illinois Income Tax Act. For taxable years beginning on or after July 1, 2009 and ending prior to July 1, 2011, increases the rate of tax to (i) 4.5% for individuals, trusts, and estates and (ii) 7.2% for corporations. Provides that, for taxable years beginning after June 30, 2011, the tax rate shall be restored to (i) 3% for individuals, trusts, and estates and (ii) 4.8% for corporations. Makes adjustments concerning installment payments of an estimated tax. Makes changes to certain addition modifications and deductions concerning discharge of indebtedness and net operating losses. Increases the earned income credit from 5% of the federal credit to 7.5% for taxable years ending on or after December 31, 2009, and prior to December 31, 2010, and to 10% for taxable years ending on or after December 31, 2010. Effective immediately.

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