Illinois General Assembly - Bill Status for SB1783
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 Bill Status of SB1783  103rd General Assembly


Short Description:  INC TX-RIVER EDGE

Senate Sponsors
Sen. Steve Stadelman - Linda Holmes - David Koehler - Dave Syverson - Cristina Castro, Karen McConnaughay, Chuck Weaver, Kimberly A. Lightford, Pamela J. Althoff and James F. Clayborne, Jr.

House Sponsors
(Rep. Litesa E. Wallace - Linda Chapa LaVia - Stephanie A. Kifowit - Ryan Spain - Jehan Gordon-Booth, Mike Fortner, Anna Moeller, Keith R. Wheeler, Steven A. Andersson, Carol Ammons, Justin Slaughter, Camille Y. Lilly and Elgie R. Sims, Jr.)

Last Action
DateChamber Action
  8/18/2017SenatePublic Act . . . . . . . . . 100-0236

Statutes Amended In Order of Appearance
35 ILCS 5/221
215 ILCS 5/409.1 new


Synopsis As Introduced
Amends the Illinois Income Tax Act and the Illinois Insurance Code. Provides that all or a portion of the income tax credit awarded for the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone may instead be taken as a credit against privilege and retaliatory taxes paid under the Illinois Insurance Code. Provides that the Historic Preservation Agency may issue a certification to the taxpayer stating that, if the project is completed as proposed, the project will qualify for the credits. Contains provisions concerning transfers of credits. Provides that the credit may be carried forward. Provides that the credit shall be based on qualified expenditures incurred by a qualified taxpayer (currently, qualified expenditures incurred by a qualified taxpayer during the taxable year). Provides that the qualified expenditures must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently, 50% of the purchase price of the property). Provides that the rehabilitation must be approved by the Historic Preservation Agency and the National Park Service (currently, the Historic Preservation Agency only). Provides that the credit sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
215 ILCS 5/409.1 new

Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Provides that the credit for restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone sunsets on December 31, 2021 (currently, December 31, 2017). Effective immediately.

Actions 
DateChamber Action
  2/9/2017SenateFiled with Secretary by Sen. Steve Stadelman
  2/9/2017SenateFirst Reading
  2/9/2017SenateReferred to Assignments
  2/15/2017SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  2/15/2017SenateAdded as Co-Sponsor Sen. Karen McConnaughay
  2/28/2017SenateAdded as Chief Co-Sponsor Sen. David Koehler
  2/28/2017SenateAdded as Chief Co-Sponsor Sen. Dave Syverson
  2/28/2017SenateAssigned to Revenue
  3/2/2017SenateAdded as Co-Sponsor Sen. Chuck Weaver
  3/2/2017SenateAdded as Chief Co-Sponsor Sen. Cristina Castro
  3/9/2017SenatePostponed - Revenue
  3/16/2017SenatePostponed - Revenue
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  3/29/2017SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  4/6/2017SenateDo Pass Revenue; 006-000-000
  4/6/2017SenatePlaced on Calendar Order of 2nd Reading April 25, 2017
  4/6/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman
  4/6/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/13/2017SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  4/25/2017SenateSenate Floor Amendment No. 1 Assignments Refers to Revenue
  4/26/2017SenateSecond Reading
  4/26/2017SenatePlaced on Calendar Order of 3rd Reading April 27, 2017
  4/28/2017SenateRule 2-10 Third Reading Deadline Established As May 31, 2017
  5/4/2017SenateSenate Floor Amendment No. 1 Recommend Do Adopt Revenue; 008-000-000
  5/5/2017SenateRecalled to Second Reading
  5/5/2017SenateSenate Floor Amendment No. 1 Adopted; Stadelman
  5/5/2017SenatePlaced on Calendar Order of 3rd Reading
  5/5/2017SenateThird Reading - Passed; 050-000-000
  5/8/2017HouseArrived in House
  5/8/2017HouseChief House Sponsor Rep. Litesa E. Wallace
  5/9/2017HouseFirst Reading
  5/9/2017HouseReferred to Rules Committee
  5/15/2017HouseAssigned to Revenue & Finance Committee
  5/16/2017HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
  5/16/2017HouseAdded Alternate Chief Co-Sponsor Rep. Stephanie A. Kifowit
  5/18/2017HouseAdded Alternate Co-Sponsor Rep. Mike Fortner
  5/19/2017HouseCommittee Deadline Extended-Rule 9(b) May 26, 2017
  5/23/2017HouseAdded Alternate Co-Sponsor Rep. Anna Moeller
  5/24/2017HouseAdded Alternate Co-Sponsor Rep. Keith R. Wheeler
  5/24/2017HouseDo Pass / Short Debate Revenue & Finance Committee; 011-000-000
  5/24/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2017HouseAdded Alternate Chief Co-Sponsor Rep. Ryan Spain
  5/24/2017HouseAdded Alternate Chief Co-Sponsor Rep. Jehan Gordon-Booth
  5/24/2017HouseSecond Reading - Short Debate
  5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/25/2017HouseAdded Alternate Co-Sponsor Rep. Steven A. Andersson
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/30/2017HouseThird Reading - Short Debate - Passed 101-012-000
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Carol Ammons
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
  5/30/2017HouseAdded Alternate Co-Sponsor Rep. Elgie R. Sims, Jr.
  5/30/2017SenatePassed Both Houses
  6/22/2017SenateSent to the Governor
  8/18/2017SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr.
  8/18/2017SenateGovernor Approved
  8/18/2017SenateEffective Date August 18, 2017
  8/18/2017SenatePublic Act . . . . . . . . . 100-0236

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