Date	Chamber	Action
1/9/2019	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/224 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, 2018.

Actions 

Date	Chamber	Action
1/24/2017	Senate	Filed with Secretary by Sen. Pamela J. Althoff
1/24/2017	Senate	First Reading
1/24/2017	Senate	Referred to Assignments
2/1/2017	Senate	Assigned to Revenue
2/22/2017	Senate	To Subcommittee on Income Taxes
3/17/2017	Senate	Rule 3-9(a) / Re-referred to Assignments
9/30/2018	Senate	Chief Sponsor Changed to Sen. William E. Brady
1/9/2019	Senate	Session Sine Die

Back To Top