Illinois General Assembly - Bill Status for HB5802

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Bill Status of HB5802 100th General Assembly

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Short Description: REHABILITATION TAX CREDIT

House Sponsors
Rep. Jerry Costello, II

Last Action

Date	Chamber	Action
1/8/2019	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/227 new

215 ILCS 5/409.1 new

Synopsis As Introduced
Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department of Commerce and Economic Opportunity. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2019.

Actions

Date	Chamber	Action
2/16/2018	House	Filed with the Clerk by Rep. Jerry Costello, II
2/16/2018	House	First Reading
2/16/2018	House	Referred to Rules Committee
1/8/2019	House	Session Sine Die

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