Full Text of SB0652 100th General Assembly
SB0652ham004 100TH GENERAL ASSEMBLY | Rep. Lou Lang Filed: 5/29/2017
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| 1 | | AMENDMENT TO SENATE BILL 652
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 652 on page 5, line | 3 | | 10, by replacing " $50,000,000 $20,000,000 " with "$20,000,000"; | 4 | | and
| 5 | | on page 10, immediately below line 18, by inserting the | 6 | | following: | 7 | | " (g) Allocation rounds enabled by this Act shall be applied | 8 | | for according to the following schedule: | 9 | | (1) on January 2, 2019, $125,000,000 of qualified | 10 | | equity investments; and | 11 | | (2) on January 2, 2020, $125,000,000 of qualified | 12 | | equity investments. "; and | 13 | | on page 14, line 10, after " business. ", by inserting " This | 14 | | Section is not intended to affect ownership or affiliate | 15 | | interests that arise following the sixth anniversary of the | 16 | | issuance of the qualified equity investment. "; and |
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| 1 | | on page 15, by replacing lines 6 through 22 with the following: | 2 | | "(20 ILCS 663/55 new) | 3 | | Sec. 55. Annual report. Each qualified community | 4 | | development entity shall submit an annual report to the | 5 | | Department within 45 days after the beginning of each calendar | 6 | | year during the compliance period. No annual report shall be | 7 | | due prior to the first anniversary of the initial credit | 8 | | allowance date. The report shall include, but is not limited | 9 | | to, the following: | 10 | | (1) an attestation from an authorized officer of the | 11 | | qualified community development entity that the entity has | 12 | | not been the subject of any investigation by a government | 13 | | agency relating to tax credits or financial services during | 14 | | the preceding calendar year; | 15 | | (2) information with respect to all qualified | 16 | | low-income community investments made by the qualified | 17 | | community development entity, including: | 18 | | (A) the date and amount of, and bank statements or | 19 | | wire transfer reports documenting, such qualified | 20 | | low-income community investments; | 21 | | (B) the name, address, and EIN of each qualified | 22 | | active low-income community business funded by the | 23 | | qualified community development entity, the number of | 24 | | persons employed by such business at the time of the |
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| 1 | | initial investment, and a brief description of the | 2 | | business, the financing, and community benefits of the | 3 | | financing; and | 4 | | (C) the number of employment positions maintained | 5 | | by each qualified active low-income community business | 6 | | as of the date of report or the end of the preceding | 7 | | calendar year and the average annual salaries of such | 8 | | positions; and | 9 | | (D) the total number of employment positions | 10 | | created and retained as a result of qualified | 11 | | low-income community investments and the average | 12 | | annual salaries of those positions; and | 13 | | (3) any changes with respect to the taxpayers entitled | 14 | | to claim tax credits with respect to qualified equity | 15 | | investments issued by the qualified community development | 16 | | entity since its last report pursuant to this Section. | 17 | | The qualified community development entity is not required | 18 | | to provide the annual report set forth in this Section for | 19 | | qualified low-income community investments that have been | 20 | | redeemed or repaid. ".
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