Bill Status of SB 3527   100th General Assembly

Short Description:  RIVER EDGE REDEVELOPMENT TAX

Senate Sponsors
Sen. Steve Stadelman-David Koehler-Chuck Weaver-Neil Anderson-Pamela J. Althoff, Cristina Castro and Jil Tracy

House Sponsors
(Rep. Jehan Gordon-Booth-LaToya Greenwood-Michael Halpin-Litesa E. Wallace-Nicholas K Smith, Anna Moeller, Marcus C. Evans, Jr., Arthur Turner, Camille Y. Lilly, Linda Chapa LaVia, Steven A. Andersson, Tony McCombie, Norine K. Hammond, Joe Sosnowski and Carol Sente)


Last Action  View All Actions

DateChamber Action
  7/26/2018SenatePublic Act . . . . . . . . . 100-0629

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. Provides that taxpayers of a qualified historic structure located in a River Edge Redevelopment Zone shall be allowed a tax credit against certain provisions of the Illinois Insurance Code during a 48-month period. Provides that a taxpayer is required to provide a third-party cost certification regarding costs attributable to the rehabilitation of a historic building when the costs exceed $200,000. Defines "phased rehabilitation" and "placed in service". Amends the Illinois Insurance Code. Makes conforming changes. Effective immediately.

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

Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. In a Section concerning a credit for qualified expenditures incurred in the restoration and preservation of a qualified historic structure located in a River Edge Redevelopment Zone, provides that the total amount of such expenditures (i) must equal $5,000 or more and (ii) must exceed the adjusted basis of the qualified historic structure on the first day the qualified rehabilitation plan begins (currently the total amount of such expenditures (i) must equal $5,000 or more and (ii) must exceed 50% of the purchase price of the property). Provides that the Department of Natural Resources (currently, the Department of Commerce and Economic Opportunity, in consultation with the Historic Preservation Agency) shall determine the amount of eligible rehabilitation costs and expenses. Provides that the determination shall be made within 30 days of receipt of a complete application. Contains provisions concerning third-party audits and a recapture period.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: (1) provides that the River Edge Redevelopment Credit for phased projects may be granted upon completion of each phase; (2) provides that the Department of Natural Resources shall determine the amount of eligible rehabilitation costs and expenses within 45 days (in the engrossed bill, 30 days) of receipt of a complete application; (3) removes provisions concerning credit distributions to partnerships, Subchapter S corporations, and limited liability companies that have elected partnership tax treatment; (4) removes recapture provisions; (5) provides that the taxpayer must submit a certification of costs prepared by an independent certified public accountant; and (6) provides that moneys in the Historic Property Administrative Fund shall be used to hire a qualified third party to prepare a biennial report to assess the overall economic impact to the State from qualified River Edge Redevelopment Zone rehabilitation projects.

House Floor Amendment No. 3
Adds reference to:
New Act
35 ILCS 5/227 new

Replaces everything after the enacting clause. Reinserts the provisions of House Amendment No. 1 with changes. Adds provisions to the bill creating the Historic Preservation Tax Credit Act. Creates an income tax credit equal to 25% of the qualified expenditures incurred by a qualified taxpayer undertaking a qualified rehabilitation plan of a structure that is located in Illinois and is defined as a certified historic structure under Section 47(c)(3) of the federal Internal Revenue Code. Provides that, to be eligible for the credit, the taxpayer must apply with the State Historic Preservation Office. Provides that the credit is subject to certain limitations. Amends the Illinois Income Tax Act to make conforming changes.

Actions 
DateChamber Action
  2/16/2018SenateFiled with Secretary by Sen. Steve Stadelman
  2/16/2018SenateFirst Reading
  2/16/2018SenateReferred to Assignments
  2/27/2018SenateAssigned to Revenue
  2/28/2018SenateAdded as Chief Co-Sponsor Sen. David Koehler
  4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018
  4/19/2018SenateAdded as Chief Co-Sponsor Sen. Chuck Weaver
  4/25/2018SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman
  4/25/2018SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/25/2018SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue
  4/25/2018SenateSenate Committee Amendment No. 1 Adopted
  4/25/2018SenateDo Pass as Amended Revenue; 006-000-000
  4/25/2018SenatePlaced on Calendar Order of 2nd Reading
  4/25/2018SenateSecond Reading
  4/25/2018SenatePlaced on Calendar Order of 3rd Reading April 26, 2018
  4/26/2018SenateThird Reading - Passed; 052-001-000
  4/26/2018HouseArrived in House
  4/26/2018HouseChief House Sponsor Rep. Jehan Gordon-Booth
  4/26/2018HouseFirst Reading
  4/26/2018HouseReferred to Rules Committee
  5/4/2018HouseAdded Alternate Chief Co-Sponsor Rep. LaToya Greenwood
  5/7/2018HouseAssigned to Revenue & Finance Committee
  5/11/2018HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/11/2018HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/14/2018HouseHouse Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee
  5/17/2018HouseAdded Alternate Co-Sponsor Rep. Anna Moeller
  5/17/2018HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote
  5/17/2018HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 011-000-000
  5/18/2018HousePlaced on Calendar 2nd Reading - Short Debate
  5/23/2018HouseSecond Reading - Short Debate
  5/23/2018HouseHeld on Calendar Order of Second Reading - Short Debate
  5/25/2018HouseFinal Action Deadline Extended-9(b) May 31, 2018
  5/28/2018HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/28/2018HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/28/2018HouseAdded Alternate Chief Co-Sponsor Rep. Michael Halpin
  5/28/2018HouseAdded Alternate Chief Co-Sponsor Rep. Ryan Spain
  5/28/2018HouseAdded Alternate Chief Co-Sponsor Rep. Litesa E. Wallace
  5/28/2018HouseAdded Alternate Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/28/2018HouseAdded Alternate Co-Sponsor Rep. Arthur Turner
  5/28/2018HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
  5/28/2018HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
  5/28/2018HouseAlternate Chief Co-Sponsor Removed Rep. Ryan Spain
  5/28/2018HouseHouse Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee
  5/29/2018HouseHouse Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 007-004-000
  5/29/2018SenateAdded as Chief Co-Sponsor Sen. Neil Anderson
  5/29/2018HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Jehan Gordon-Booth
  5/29/2018HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  5/29/2018HouseAdded Alternate Chief Co-Sponsor Rep. Nicholas K Smith
  5/29/2018SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff
  5/30/2018HouseHouse Floor Amendment No. 3 Rules Refers to Revenue & Finance Committee
  5/30/2018HouseAdded Alternate Co-Sponsor Rep. Steven A. Andersson
  5/30/2018HouseAdded Alternate Co-Sponsor Rep. Tony McCombie
  5/30/2018HouseAdded Alternate Co-Sponsor Rep. Norine K. Hammond
  5/30/2018HouseHouse Floor Amendment No. 3 Recommends Be Adopted Revenue & Finance Committee; 011-000-000
  5/31/2018HouseHouse Floor Amendment No. 2 Withdrawn by Rep. Jehan Gordon-Booth
  5/31/2018HouseHouse Floor Amendment No. 3 Adopted
  5/31/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/31/2018HouseAdded Alternate Co-Sponsor Rep. Joe Sosnowski
  5/31/2018HouseThird Reading - Short Debate - Passed 101-011-001
  5/31/2018HouseAdded Alternate Co-Sponsor Rep. Carol Sente
  5/31/2018SenateSecretary's Desk - Concurrence House Amendment(s) 1, 3
  5/31/2018SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 3 - May 31, 2018
  5/31/2018SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Steve Stadelman
  5/31/2018SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/31/2018SenateHouse Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. Steve Stadelman
  5/31/2018SenateHouse Floor Amendment No. 3 Motion to Concur Referred to Assignments
  5/31/2018SenateHouse Committee Amendment No. 1 Motion to Concur Be Approved for Consideration Assignments
  5/31/2018SenateHouse Floor Amendment No. 3 Motion to Concur Be Approved for Consideration Assignments
  5/31/2018SenateHouse Committee Amendment No. 1 Senate Concurs 051-000-000
  5/31/2018SenateHouse Floor Amendment No. 3 Senate Concurs 051-000-000
  5/31/2018SenateSenate Concurs
  5/31/2018SenatePassed Both Houses
  5/31/2018SenateAdded as Co-Sponsor Sen. Cristina Castro
  5/31/2018SenateAdded as Co-Sponsor Sen. Jil Tracy
  6/21/2018SenateSent to the Governor
  7/26/2018SenateGovernor Approved
  7/26/2018SenateEffective Date January 1, 2019
  7/26/2018SenatePublic Act . . . . . . . . . 100-0629

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