Full Text of SB0652 100th General Assembly
SB0652ham001 100TH GENERAL ASSEMBLY | Rep. Lou Lang Filed: 5/19/2017
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| 1 | | AMENDMENT TO SENATE BILL 652
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 652 as follows:
| 3 | | on page 1, line 5, after "40,", by inserting "45,"; and | 4 | | on page 2, line 18, after "amended", by inserting " and also | 5 | | meets the Department's targeted industry criteria as | 6 | | established by adopted rule, if any, in effect as of the | 7 | | application date set forth under subsection (g) of Section 25 | 8 | | of this Act "; and | 9 | | on page 9, line 16, by replacing "$20,000,000" with | 10 | | " $50,000,000 $20,000,000 "; and | 11 | | on page 10, immediately below line 18, by inserting the | 12 | | following: | 13 | | " (g) Allocation rounds enabled by this Act shall be applied | 14 | | for according to the following schedule: |
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| 1 | | (1) on September 1, 2017, $375,000,000 of qualified | 2 | | equity investments; | 3 | | (2) on January 2, 2019, $125,000,000 of qualified | 4 | | equity investments; and | 5 | | (3) on January 2, 2020, $125,000,000 of qualified | 6 | | equity investments. "; and | 7 | | on page 14, line 10, after " business. ", by inserting " This | 8 | | Section is not intended to affect ownership or affiliate | 9 | | interests that arise following the sixth anniversary of the | 10 | | issuance of the qualified equity investment. "; and | 11 | | on page 14, immediately below line 10, by inserting the | 12 | | following: | 13 | | "(20 ILCS 663/45)
| 14 | | Sec. 45. Examination and Rulemaking. | 15 | | (a) The Department may conduct examinations to verify that | 16 | | the tax credits under this Act have been received and applied | 17 | | according to the requirements of this Act and to verify that no | 18 | | event has occurred that would result in a recapture of tax | 19 | | credits under Section 40. | 20 | | (b) The Department and the Department of Revenue shall have | 21 | | the authority to adopt rules under the Act. The Department and | 22 | | the Department of Revenue, in adopting rules, shall endeavor to | 23 | | make the administration of the Act compatible with the |
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| 1 | | administration of the federal New Markets Tax Credit program. | 2 | | Adopted rules shall only apply to qualified equity investments | 3 | | in effect as of the application date set forth under subsection | 4 | | (g) of Section 25 of this Act for such qualified equity | 5 | | investment. Neither the Department nor the Department of | 6 | | Revenue shall have the authority to promulgate rules under the | 7 | | Act, but the Department and the Department of Revenue shall | 8 | | have the authority to issue advisory letters to individual | 9 | | qualified community development entities and their investors | 10 | | that are limited to the specific facts outlined in an advisory | 11 | | letter request from a qualified community development entity. | 12 | | Such rulings cannot be relied upon by any person or entity | 13 | | other than the qualified community development entity that | 14 | | requested the letter and the taxpayers that are entitled to any | 15 | | tax credits generated from investments in such entity. For | 16 | | purposes of this subsection, "rules" is given the meaning | 17 | | contained in Section 1-70 of the Illinois Administrative | 18 | | Procedure Act. | 19 | | (c) In rendering advisory letters and making other | 20 | | determinations under this Act, to the extent applicable, the | 21 | | Department and the Department of Revenue shall look for | 22 | | guidance to Section 45D of the Internal Revenue Code of 1986, | 23 | | as amended, and the rules , and regulations , policies, and | 24 | | allocation agreement provisions issued thereunder.
| 25 | | (d) The Department may impose an administrative penalty on | 26 | | any qualified community development entity that violates the |
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| 1 | | provisions of this Act or any adopted rule hereunder where | 2 | | recapture of credits is not a remedy. The penalty shall be | 3 | | $15,000 for each violation. Penalties shall be subject to a | 4 | | notice and cure period of not less than 30 days wherein a | 5 | | qualified community development entity shall be notified in | 6 | | writing of the violation and be given the opportunity to cure | 7 | | the violation. Each week a violation continues or occurs past | 8 | | such 30-day period is a separate violation. A qualified | 9 | | community development entity that has been assessed a penalty | 10 | | may petition the Department for an administrative hearing to | 11 | | contest the basis of the administrative penalty. The | 12 | | Department's final decision imposing an administrative penalty | 13 | | is a final order and subject to the Administrative Review Law. | 14 | | The Department shall not certify any qualified equity | 15 | | investment in a qualified community development entity (or in | 16 | | an affiliate thereof) that has not satisfied an administrative | 17 | | penalty or has been assessed in aggregate $105,000 or more in | 18 | | administrative penalties within the prior 2 calendar years. | 19 | | (Source: P.A. 95-1024, eff. 12-31-08.)".
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