Bill Status of SB1975  96th General Assembly

Short Description:  INC TX-DEFINITIONS

Senate Sponsors
Sen. Don Harmon

House Sponsors
(Rep. John E. Bradley)

Last Action
DateChamber Action
  8/24/2009SenatePublic Act . . . . . . . . . 96-0641

Statutes Amended In Order of Appearance
35 ILCS 5/1501from Ch. 120, par. 15-1501

Synopsis As Introduced
Amends the Illinois Income Tax Act concerning the definition of "captive real estate investment trusts". Provides that, to be a captive real estate investment trust, at least 50% of the voting power must be controlled by a single corporation (now, controlled by a single person). Exempts from the definition certain real estate investment trusts that are owned and controlled by certain entities that are organized outside of the laws of the United States. Imposes conditions on any rulemaking authority. Effective immediately.

House Committee Amendment No. 1
Removes language concerning rulemaking authority.

DateChamber Action
  2/20/2009SenateFiled with Secretary by Sen. Don Harmon
  2/20/2009SenateFirst Reading
  2/20/2009SenateReferred to Assignments
  3/4/2009SenateAssigned to Revenue
  3/12/2009SenateDo Pass Revenue; 007-000-000
  3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009
  3/24/2009SenateSecond Reading
  3/24/2009SenatePlaced on Calendar Order of 3rd Reading March 25, 2009
  4/1/2009SenateThird Reading - Passed; 058-000-000
  4/1/2009HouseArrived in House
  4/1/2009HousePlaced on Calendar Order of First Reading
  4/23/2009HouseChief House Sponsor Rep. John E. Bradley
  4/23/2009HouseFirst Reading
  4/23/2009HouseReferred to Rules Committee
  4/28/2009HouseAssigned to Revenue & Finance Committee
  4/29/2009HouseMotion Filed to Suspend Rule 25 Revenue & Finance Committee; Rep. Barbara Flynn Currie
  4/29/2009HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote
  4/30/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee
  4/30/2009HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote
  4/30/2009HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 012-000-000
  4/30/2009HousePlaced on Calendar 2nd Reading - Short Debate
  5/19/2009HouseSecond Reading - Short Debate
  5/19/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/21/2009HouseThird Reading - Short Debate - Passed 117-000-001
  5/21/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/21/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 22, 2009
  5/22/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Don Harmon
  5/22/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/26/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Revenue
  5/26/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 007-000-000
  5/27/2009SenateHouse Committee Amendment No. 1 Senate Concurs 057-000-000
  5/27/2009SenatePassed Both Houses
  6/25/2009SenateSent to the Governor
  8/24/2009SenateGovernor Approved
  8/24/2009SenateEffective Date August 24, 2009
  8/24/2009SenatePublic Act . . . . . . . . . 96-0641