Illinois General Assembly - Bill Status for SB3068
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 Bill Status of SB3068  102nd General Assembly

Short Description:  INC TX-ENT ZONE-MORTGAGE

Senate Sponsors
Sen. Jacqueline Y. Collins - Dan Rutherford - Emil Jones, III, Deanna Demuzio, A. J. Wilhelmi, John M. Sullivan, Toi W. Hutchinson, Heather Steans, Terry Link and Ira I. Silverstein

House Sponsors
(Rep. André M. Thapedi)

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2008, creates a deduction for financial organizations in an amount equal to the amount included in the organization's adjusted gross income as interest income from a residential mortgage loan if the mortgagor is a person with at least a 50% ownership interest in a business located in an Enterprise Zone or a River Edge Redevelopment Zone. Provides that the financial organization must apply the Illinois income tax savings to the principal of the loan. Allows the organization to file amended returns. Effective immediately.

DateChamber Action
  2/8/2010SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/8/2010SenateFirst Reading
  2/8/2010SenateReferred to Assignments
  2/24/2010SenateAssigned to Financial Institutions
  3/3/2010SenateDo Pass Financial Institutions; 008-000-000
  3/3/2010SenatePlaced on Calendar Order of 2nd Reading March 4, 2010
  3/9/2010SenateSecond Reading
  3/9/2010SenatePlaced on Calendar Order of 3rd Reading March 10, 2010
  3/11/2010SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/12/2010SenateAdded as Chief Co-Sponsor Sen. Emil Jones, III
  3/12/2010SenateAdded as Co-Sponsor Sen. Deanna Demuzio
  3/12/2010SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi
  3/12/2010SenateAdded as Co-Sponsor Sen. John M. Sullivan
  3/12/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
  3/12/2010SenateAdded as Co-Sponsor Sen. Heather Steans
  3/12/2010SenateAdded as Co-Sponsor Sen. Terry Link
  3/12/2010SenateAdded as Co-Sponsor Sen. Ira I. Silverstein
  3/12/2010SenateThird Reading - Passed; 050-000-000
  3/12/2010HouseArrived in House
  3/12/2010HouseChief House Sponsor Rep. André M. Thapedi
  3/12/2010HousePlaced on Calendar Order of First Reading
  3/12/2010HouseFirst Reading
  3/12/2010HouseReferred to Rules Committee
  1/12/2011SenateSession Sine Die

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