Full Text of SB0341 98th General Assembly
SB0341ham001 98TH GENERAL ASSEMBLY | Rep. Lawrence M. Walsh, Jr. Filed: 3/20/2014
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| 1 | | AMENDMENT TO SENATE BILL 341
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 341 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 1. Short title. This Act may be cited as the | 5 | | Illinois State Property Revitalization Tax Credit Act. | 6 | | Section 5. Definitions. As used in this Act, unless the | 7 | | context clearly indicates otherwise: | 8 | | "Department" means the Department of Commerce and Economic | 9 | | Opportunity. | 10 | | "Qualified expenditure" means all the costs and expenses | 11 | | properly chargeable to the capital account for property and: | 12 | | (1) for which depreciation is allowable under Section | 13 | | 168 of the federal Internal Revenue Code; and | 14 | | (2) that is an expenditure related to: | 15 | | (A) nonresidential real property; | 16 | | (B) residential rental property; |
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| 1 | | (C) real property that has a class life of more | 2 | | than 12.5 years; or | 3 | | (D) an addition or improvement to property | 4 | | described in (A), (B), or (C). | 5 | | For the purposes of the definition of "qualified | 6 | | expenditure", the terms "nonresidential real property", | 7 | | "residential rental property", and "class life" have the | 8 | | meanings given to those terms in Section 168 of the federal | 9 | | Internal Revenue Code. | 10 | | "Qualified expenditure" does not include: | 11 | | (1) any expenditure with respect to which the applicant | 12 | | does not use the straight line method over a recovery | 13 | | period determined under subsection (c) or (g) of Section | 14 | | 168 of the federal Internal Revenue Code; this item (1) | 15 | | does not apply to an expenditure if the alternative | 16 | | depreciation system set forth in subsection (g) of Section | 17 | | 168 of the federal Internal Revenue Code applies to that | 18 | | expenditure by reason of subparagraph (B) or (C) of item | 19 | | (1) of that subsection; | 20 | | (2) the cost of acquiring any building or interest | 21 | | therein; | 22 | | (3) any expenditure attributable to the rehabilitation | 23 | | of a certified historic structure in a registered historic | 24 | | district, if the rehabilitation plan has not been approved | 25 | | by the Historic Preservation Agency as being consistent | 26 | | with the standards for rehabilitation as adopted by the |
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| 1 | | federal Secretary of the Interior; "certified historic | 2 | | structure" means a building and its structural components | 3 | | that: (A) is listed on the National Register of Historic | 4 | | Places; (B) is located in a registered historic district; | 5 | | and (C) is certified by the Secretary of the Interior as | 6 | | being of historic significance to the district; | 7 | | "registered historic district" means: (A) any district | 8 | | listed on the National Register of Historic Places; and (B) | 9 | | any district (i) that is designated under a State statute | 10 | | or local ordinance that has been certified by the Secretary | 11 | | of the Interior as containing criteria that will | 12 | | substantially achieve the purpose of preserving and | 13 | | rehabilitating buildings of historic significance to the | 14 | | district, and (ii) that has been certified by the Secretary | 15 | | of the Interior as meeting substantially all of the | 16 | | requirements for the listing of districts on the National | 17 | | Register of Historic Places. | 18 | | "Qualified structure" means a facility or structure | 19 | | located in Illinois (i) that was owned by the State of Illinois | 20 | | prior to the effective date of this Act and (ii) at which more | 21 | | than 100 employees were employed prior to the effective date of | 22 | | this Act. | 23 | | "Qualified rehabilitation plan" means a proposed | 24 | | rehabilitation design that is approved by the Department. | 25 | | "Qualified rehabilitation project" means a completed | 26 | | rehabilitation project that is approved by the Department. |
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| 1 | | "Qualified taxpayer" means any owner of the qualified | 2 | | structure. If the taxpayer is (i) a corporation having an | 3 | | election in effect under subchapter S of the federal Internal | 4 | | Revenue Code, (ii) a partnership, including a limited | 5 | | partnership or a limited liability partnership, or (iii) a | 6 | | limited liability company, the credit provided by this Act may | 7 | | be claimed by the shareholders of the corporation, the partners | 8 | | of the partnership, or the members of the limited liability | 9 | | company in the same manner as those shareholders, partners, or | 10 | | members account for their proportionate shares of the income or | 11 | | losses of the corporation, partnership, or limited liability | 12 | | company, or as provided in the bylaws or other executed | 13 | | agreement of the corporation, partnership, or limited | 14 | | liability company. | 15 | | Credits granted to a partnership, including a limited | 16 | | partnership or a limited liability partnership, a limited | 17 | | liability company taxed as a partnership, or other multiple | 18 | | owners of property shall be passed through to the partners, | 19 | | members, or owners respectively on a pro rata basis or pursuant | 20 | | to an executed agreement among the partners, members, or owners | 21 | | documenting any alternate distribution method. Nothing in this | 22 | | Act is intended to prohibit a non-profit entity with a Section | 23 | | 501(c)(3) designation under the federal Internal Revenue Code | 24 | | from serving as a shareholder, partner, member or other owner | 25 | | of a qualified taxpayer. |
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| 1 | | Section 10. Allowable credit. There shall be allowed a tax | 2 | | credit against (i) the tax imposed by subsections (a) and (b) | 3 | | of Section 201 of the Illinois Income Tax Act and (ii) the | 4 | | taxes imposed under Sections 409, 413, 444, and 444.1 of the | 5 | | Illinois Insurance Code in an aggregate amount equal to 30% of | 6 | | the qualified expenditures incurred by a qualified taxpayer | 7 | | pursuant to a qualified rehabilitation plan on a qualified | 8 | | structure, provided that the total amount of such qualified | 9 | | expenditures exceeds the greater of $5,000 for each qualified | 10 | | structure or the adjusted basis of the property. | 11 | | While a tax credit may be earned before July 1, 2014, no | 12 | | tax credit shall be issued by the Department before that date. | 13 | | If the amount of any tax credit awarded under this Act exceeds | 14 | | the taxpayer's tax liability for the year in which the | 15 | | qualified rehabilitation project was placed in service, the | 16 | | excess amount may be carried forward for deduction from the | 17 | | taxpayer's tax liability in the next succeeding year or years | 18 | | or may be carried back for deduction from the taxpayer's tax | 19 | | liability for the immediately preceding year until the total | 20 | | amount of the credit has been used, except that a credit may | 21 | | not be carried forward for deduction after the fifth taxable | 22 | | year after the taxable year in which the qualified | 23 | | rehabilitation project was placed in service or carried back | 24 | | for deduction more than one year before the taxable year in | 25 | | which the qualified rehabilitation project was placed in | 26 | | service. |
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| 1 | | Applicants may incur qualified expenditures, at their own | 2 | | risk, from the earlier of (i) the commencement of construction | 3 | | or (ii) one year prior to receipt of preliminary approval of an | 4 | | application pursuant to Section 30 of this Act. | 5 | | Section 15. Economic needs test. When the total credits | 6 | | requested with respect to a qualified rehabilitation plan will | 7 | | be $1,000,000 or more, the Department shall evaluate whether, | 8 | | without public intervention, the economic development project | 9 | | would not otherwise benefit from private sector investment. | 10 | | Section 20. Transfer of credits. | 11 | | (a) Any qualified taxpayer may elect to transfer, in whole | 12 | | or in part, any unused credit amount granted under this Act as | 13 | | provided in subsection (b). An election to transfer any unused | 14 | | credit amount must be made no later than 5 years after the date | 15 | | the credit is awarded, after which period the credit expires | 16 | | and may not be used. The Department shall notify the Department | 17 | | of Revenue of the election and transfer. | 18 | | (b) A qualified taxpayer is permitted a one-time transfer | 19 | | of unused credit amounts to
no more than 4 transferees. Those | 20 | | transfers must occur in the same taxable year. | 21 | | (c) The transferee is subject to the same rights and | 22 | | limitations as the accredited production company awarded the | 23 | | credit, except that the transferee may not sell or otherwise | 24 | | transfer the credit. |
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| 1 | | (d) The Department may adopt rules to administer this | 2 | | Section. | 3 | | Section 25. Maximum limits. The credits awarded for each | 4 | | qualified rehabilitation project shall be limited to a maximum | 5 | | of $10,000,000. The aggregate amount of the tax credits that | 6 | | may be claimed under this Act for investments in qualified | 7 | | rehabilitation projects shall be limited to $40,000,000. A | 8 | | qualified rehabilitation project shall not receive credits | 9 | | pursuant to this Act if the qualified rehabilitation project | 10 | | has received credits pursuant to the River Edge Redevelopment | 11 | | Zone Act. | 12 | | Section 30. Application process. | 13 | | (a) To obtain the credits allowed under this Act, the | 14 | | applicant shall submit an application for tax credits to the | 15 | | Department. The application shall be in such form as the | 16 | | Department shall reasonably require, and the application shall | 17 | | include sufficient information to permit the Department to | 18 | | approve, approve with conditions, or reject the structure, | 19 | | rehabilitation plan, or rehabilitation project. | 20 | | (b) The Department may charge a non-refundable application | 21 | | fee of up to 1% of the amount of credits requested, with a | 22 | | minimum fee of $1,000 per application per project. All | 23 | | application fees shall be deposited into the Department's | 24 | | Administrative Fund. |
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| 1 | | (c) All applicants with applications receiving preliminary | 2 | | approval on or after the effective date of this Act shall | 3 | | commence rehabilitation within 3 years of the date of issue of | 4 | | the letter from the Department granting preliminary approval | 5 | | for credits. Commencement of rehabilitation means that, as of | 6 | | the date on which actual physical work has begun, the applicant | 7 | | has incurred no less than 10% of the estimated costs of | 8 | | rehabilitation provided in the application. The applicant may | 9 | | commence and incur qualified expenditures at its own risk | 10 | | before the property becomes a qualified structure. If the | 11 | | rehabilitation receives final approval under this Section, | 12 | | including the necessary verification of the total costs and | 13 | | expenses of rehabilitation, the applicant shall receive tax | 14 | | credits for all qualified expenditures incurred within the time | 15 | | periods allowed in this Act. | 16 | | (d) For qualified rehabilitation projects, the applicant | 17 | | shall submit a cost certification, and if the credits requested | 18 | | with respect to a qualified rehabilitation project are $250,000 | 19 | | or more, the Department shall require an independent audit of | 20 | | the cost certification at the applicant's expense. Those audits | 21 | | shall be conducted by a licensed Certified Public Accounting | 22 | | firm that participates in the peer review program of the | 23 | | American Institute of Certified Public Accountants. | 24 | | (e) The Department shall determine the amount of qualified | 25 | | expenditures and the amount of credits to be issued to the | 26 | | applicant. The issuance of certificates of credits to |
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| 1 | | applicants shall be performed by the Department. The Department | 2 | | shall coordinate with the Illinois Department of Revenue to | 3 | | determine if the applicant has any outstanding Illinois tax | 4 | | obligations that can be satisfied by the credits to be issued. | 5 | | The Department shall inform the applicant of final approval and | 6 | | of the final credit amount by letter. An issuance fee of up to | 7 | | 2% of the amount of the credits issued by the tax credit | 8 | | certificate may be collected from the applicant and remitted to | 9 | | the Department for the purpose of administering the Act. When | 10 | | the Department has received the issuance fee from the applicant | 11 | | and deposited it into the Department's Administrative Fund, the | 12 | | Department shall issue a tax credit certificate to the | 13 | | applicant. The taxpayer must attach the tax credit certificate | 14 | | to the tax return on which the credits are to be claimed. | 15 | | Section 35. Biennial report; powers of the Department. The | 16 | | Department shall issue a report no later than the last day of | 17 | | the second fiscal year after the effective date of this Act on | 18 | | the overall economic impact to the State of the qualified | 19 | | rehabilitation projects. The Department is granted and has all | 20 | | the powers necessary or
convenient to carry out the provisions | 21 | | of this Act. The Department has the power to promulgate rules | 22 | | for the administration of this Act, including the power to | 23 | | adopt emergency rules for a period of 12 months after the | 24 | | effective date of this Act for the purposes of establishing | 25 | | application forms and entering into agreements related to this |
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| 1 | | Act. | 2 | | Section 40. Appeals process. An applicant may appeal an | 3 | | adverse decision made by the Department, other than a decision | 4 | | related to the qualifications of the structure, rehabilitation | 5 | | plan, or rehabilitation project, by requesting a hearing under | 6 | | the terms of Article 10 of the Illinois Administrative | 7 | | Procedure Act. A petition for hearing must be postmarked no | 8 | | later than 30 days from the date of the adverse decision. | 9 | | Section 60. The State Property Control Act is amended by | 10 | | changing Section 7.1 as follows:
| 11 | | (30 ILCS 605/7.1) (from Ch. 127, par. 133b10.1)
| 12 | | Sec. 7.1.
(a) Except as otherwise provided by law, all | 13 | | surplus real
property held by the State of Illinois shall be | 14 | | disposed of by the
administrator as provided in this Section. | 15 | | "Surplus real property," as
used in this Section, means any | 16 | | real property to which the State holds fee
simple title or
| 17 | | lesser interest, and is determined by the head of the State | 18 | | agency to no longer be required for the State agency's needs | 19 | | and responsibilities vacant, unoccupied or unused and which has | 20 | | no
foreseeable use by the owning agency .
| 21 | | (b) All responsible officers shall submit an Annual Real | 22 | | Property
Utilization Report to the Administrator, or annual | 23 | | update of such
report, on forms required by the Administrator, |
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| 1 | | by July 31 of each year.
The Administrator may require such | 2 | | documentation as he deems reasonably
necessary in connection | 3 | | with this Report, and shall require that such
Report include | 4 | | the following information:
| 5 | | (1) A legal description of all real property owned by the | 6 | | State
under the control of the responsible officer.
| 7 | | (2) A description of the use of the real property listed | 8 | | under (1).
| 9 | | (3) A list of any improvements made to such real property | 10 | | during the
previous year.
| 11 | | (4) The dates on which the State first acquired its | 12 | | interest in such
real property, and the purchase price and | 13 | | source of the funds used to
acquire the property.
| 14 | | (5) Plans for the future use of currently unused real | 15 | | property.
| 16 | | (6) A declaration of any surplus real property.
On or | 17 | | before October 31 of each year the Administrator shall furnish
| 18 | | copies of each responsible officer's report along with a list | 19 | | of surplus
property indexed by legislative district to the | 20 | | General Assembly.
| 21 | | This report shall be filed with the Speaker, the Minority | 22 | | Leader and the
Clerk of the House of Representatives and the | 23 | | President, the Minority
Leader and the Secretary of the Senate | 24 | | and shall be duplicated and made
available to the members of | 25 | | the General Assembly for evaluation by such
members for | 26 | | possible liquidation of unused public property at public sale.
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| 1 | | (c) Following receipt of the Annual Real Property | 2 | | Utilization Report
required under paragraph (b), the | 3 | | Administrator shall notify all State
agencies by October 31 of | 4 | | all declared surplus real
property. Any State
agency may submit | 5 | | a written request to the Administrator, within 60 days
of the | 6 | | date of such notification, to have control of surplus real
| 7 | | property transferred to that agency. Such request must indicate | 8 | | the
reason for the transfer and the intended use to be made of | 9 | | such surplus
real property. The Administrator may deny any or | 10 | | all such requests by a
State agency or agencies if the | 11 | | Administrator determines that it is more
advantageous to the | 12 | | State to dispose of the surplus real property under
paragraph | 13 | | (d). In case requests for the same surplus real property are
| 14 | | received from more than one State agency, the Administrator | 15 | | shall weigh
the benefits to the State and determine to which | 16 | | agency, if any, to
transfer control of such property. The | 17 | | Administrator shall coordinate
the use and disposal of State | 18 | | surplus real property with any State space
utilization program.
| 19 | | (d) Any surplus real property which is not transferred to | 20 | | the
control of another State agency under paragraph (c) shall | 21 | | be disposed of
by the Administrator. No appraisal is required | 22 | | if during his initial
survey of surplus real property the | 23 | | Administrator determines such
property has a fair market value | 24 | | of less than $5,000. If the value of
such property is | 25 | | determined by the Administrator in his initial survey
to be | 26 | | $5,000 or more, then the Administrator shall obtain 2 3 |
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| 1 | | appraisals
of such real property, which shall include any known | 2 | | liabilities, including, but not limited to, environmental | 3 | | costs one of which shall be performed by an appraiser
residing | 4 | | in the county in which said surplus real property is located .
| 5 | | The average of these 2 3 appraisals , plus the costs of | 6 | | obtaining the
appraisals, shall represent the fair market value | 7 | | of the surplus real
property. However, if the 2 appraisals | 8 | | differ by more than 15%, then the Administrator shall obtain a | 9 | | third appraisal, and the fair market value shall be the average | 10 | | of these 3 appraisals. | 11 | | No surplus real property may be conveyed by the | 12 | | Administrator
for less than the fair market value , unless the | 13 | | Administrator makes a written determination that it is in the | 14 | | best interests of the State to establish a different value. | 15 | | That written determination shall be published in the Illinois | 16 | | Procurement Bulletin. Such written determination, along with | 17 | | an affidavit setting forth the conditions and circumstances | 18 | | that make the use of a different value in the best interests of | 19 | | the State, shall also be filed with the Executive Ethics | 20 | | Commission. The Executive Ethics Commission shall have at least | 21 | | 30 days to review the written determination. The Executive | 22 | | Ethics Commission may order an additional 30 days to review the | 23 | | written determination. The Administrator shall provide the | 24 | | Executive Ethics Commission with any information requested by | 25 | | the Executive Ethics Commission related to the Administrator's | 26 | | determination of the value of the surplus real property. If the |
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| 1 | | Executive Ethics commission objects in writing to the value | 2 | | determined by the Administrator, then the Administrator shall | 3 | | not convey the surplus real property for less than either the | 4 | | fair market value as determined by the average of appraisals or | 5 | | an amount agreed upon by the Executive Ethics Commission and | 6 | | the Administrator. Circumstances in which it is in the best | 7 | | interest of the State to establish a different value may | 8 | | include, but are not limited to, the following: an auction did | 9 | | not yield any bids at the established fair market value; a unit | 10 | | of local government is interested in acquiring the surplus real | 11 | | property; or the costs to the State of maintaining such surplus | 12 | | real property are sufficiently high that it would be reasonable | 13 | | to a prudent person to sell such surplus real property for less | 14 | | than the fair market value established by the average of | 15 | | appraisals . | 16 | | Prior to offering the surplus real
property for sale to the | 17 | | public the Administrator shall give notice in
writing of the | 18 | | existence and fair market value of the surplus real
property to | 19 | | each State agency and to the governing bodies of the county and | 20 | | of all cities,
villages and incorporated towns in the county in | 21 | | which such real
property is located. Any such State agency or | 22 | | governing body may notify the Administrator of its interest in | 23 | | acquiring exercise its option to
acquire the surplus real | 24 | | property for the fair market value within the notice period set | 25 | | by the Administrator of at least 14 days 60
days of the notice . | 26 | | If any Stage agency or governing body notifies the |
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| 1 | | Administrator of its interest in acquiring the property, then | 2 | | the Administrator shall wait a minimum of 30 additional days | 3 | | during which to engage in negotiations with that State agency | 4 | | or governing body for the sale of the surplus real property. | 5 | | After the notice period 60 day period has passed, the
| 6 | | Administrator may sell the surplus real property by public | 7 | | auction , which may include an electronic auction or the use of | 8 | | sealed bids, following notice of such sale by publication on 3 | 9 | | separate days not less
than 15 nor more than 30 days prior to | 10 | | the sale in the State newspaper
and in a newspaper having | 11 | | general circulation in the county in which the
surplus real | 12 | | property is located. The Administrator shall post "For
Sale" | 13 | | signs of a conspicuous nature on such surplus real property
| 14 | | offered for sale to the public. If no acceptable offers for the | 15 | | surplus
real property are received, the Administrator may have | 16 | | new appraisals of
such property made. The Administrator shall | 17 | | have all power necessary to
convey surplus real property under | 18 | | this Section. All moneys received
for the sale of surplus real | 19 | | property shall be deposited in the General
Revenue Fund, except | 20 | | that: | 21 | | (1) Where moneys expended for the acquisition of such
| 22 | | real property were from a special fund which is still a | 23 | | special fund in
the State treasury, this special fund shall | 24 | | be reimbursed in the amount
of the original expenditure and | 25 | | any amount in excess thereof shall be
deposited in the | 26 | | General Revenue Fund. |
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| 1 | | (2) Whenever a State mental health facility operated by | 2 | | the Department of Human Services is closed and the real | 3 | | estate on which the facility is located is sold by the | 4 | | State, the net proceeds of the sale of the real estate | 5 | | shall be deposited into the Community Mental Health | 6 | | Medicaid Trust Fund. | 7 | | (3) Whenever a State developmental disabilities | 8 | | facility operated by the Department of Human Services is | 9 | | closed and the real estate on which the facility is located | 10 | | is sold by the State, the net proceeds of the sale of the | 11 | | real estate shall be deposited into the Community | 12 | | Developmental Disability Services Medicaid Trust Fund.
| 13 | | The Administrator shall have authority to order such | 14 | | surveys, abstracts
of title, or commitments for title insurance | 15 | | as may, in his reasonable
discretion, be deemed necessary to | 16 | | demonstrate to prospective purchasers or
bidders good and | 17 | | marketable title in any property offered for sale pursuant
to | 18 | | this Section. Unless otherwise specifically authorized by the | 19 | | General
Assembly, all conveyances of property made by the | 20 | | Administrator shall be by
quit claim deed.
| 21 | | (e) The Administrator shall submit an annual report on or | 22 | | before
February 1 to the Governor and the General Assembly | 23 | | containing a
detailed statement of surplus real property either | 24 | | transferred or
conveyed under this Section.
| 25 | | (Source: P.A. 96-527, eff. 1-1-10; 96-660, eff. 8-25-09; | 26 | | 96-1000, eff. 7-2-10.)
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| 1 | | Section 70. The Illinois Income Tax Act is amended by | 2 | | adding Section 224 as follows: | 3 | | (35 ILCS 5/224 new) | 4 | | Sec. 224. Rehabilitation and revitalization credit. For | 5 | | tax years commencing on or after January 1, 2014, a taxpayer | 6 | | who qualifies for a credit under the Illinois Rehabilitation | 7 | | and Revitalization Tax Credit Act is entitled to a credit | 8 | | against the taxes imposed under subsections (a) and (b) of | 9 | | Section 201 of this Act. If the taxpayer is a partnership or | 10 | | Subchapter S corporation, the credit shall be allowed to the | 11 | | partners or shareholders in accordance with the determination | 12 | | of income and distributive share of income under Sections 702 | 13 | | and 704 and Subchapter S of the Internal Revenue Code or the | 14 | | credit shall be allowed to the partners or shareholders | 15 | | pursuant to an executed agreement among the partners or | 16 | | shareholders documenting any alternate distribution method. | 17 | | This Section is exempt from the provisions of Section 250 of | 18 | | this Act. | 19 | | Section 75. The Illinois Insurance Code is amended by | 20 | | adding Section 409.2 as follows: | 21 | | (215 ILCS 5/409.2 new) | 22 | | Sec. 409.2. Rehabilitation and revitalization credit. For |
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| 1 | | taxes payable after January 1, 2014, credits may be granted | 2 | | against the taxes imposed under Section 409, 413, 444, and | 3 | | 444.1 of this Act as provided in the Illinois Rehabilitation | 4 | | and Revitalization Tax Credit Act.
| 5 | | Section 99. Effective date. This Act takes effect upon | 6 | | becoming law.".
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