Bill Status of HB 2484   103rd General Assembly

Short Description:  NEW MARKET DEVELOPMENT PROGRAM

House Sponsors
Rep. Jay Hoffman-Norine K. Hammond, Elizabeth "Lisa" Hernandez and Michael T. Marron

Last Action  View All Actions

DateChamber Action
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
20 ILCS 663/5
20 ILCS 663/20
20 ILCS 663/25
20 ILCS 663/40
20 ILCS 663/45
20 ILCS 663/55

Synopsis As Introduced
Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Actions 
DateChamber Action
  2/15/2023HouseFiled with the Clerk by Rep. Jay Hoffman
  2/15/2023HouseFirst Reading
  2/15/2023HouseReferred to Rules Committee
  2/24/2023HouseAdded Co-Sponsor Rep. Elizabeth "Lisa" Hernandez
  2/27/2023HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
  2/27/2023HouseAdded Co-Sponsor Rep. Michael T. Marron
  2/27/2023HouseChief Co-Sponsor Changed to Rep. Norine K. Hammond
  3/1/2023HouseAssigned to Revenue & Finance Committee
  3/9/2023HouseTo Revenue - Tax Credit and Incentives Subcommittee
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee

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