Bill Status of SB 2080   100th General Assembly

Short Description:  REHABILITATION TAX CREDIT

Senate Sponsors
Sen. William E. Brady

Last Action  View All Actions

DateChamber Action
  1/9/2019SenateSession 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 
DateChamber Action
  2/10/2017SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/10/2017SenateFirst Reading
  2/10/2017SenateReferred to Assignments
  2/28/2017SenateAssigned to Revenue
  3/9/2017SenatePostponed - Revenue
  3/16/2017SenatePostponed - Revenue
  3/17/2017SenateRule 2-10 Committee Deadline Established As April 7, 2017
  4/6/2017SenatePostponed - Revenue
  4/7/2017SenateRule 2-10 Committee Deadline Established As May 5, 2017
  5/5/2017SenateRule 3-9(a) / Re-referred to Assignments
  9/30/2018SenateChief Sponsor Changed to Sen. William E. Brady
  1/9/2019SenateSession Sine Die

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