Date	Chamber	Action
1/13/2009	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/1501

from Ch. 120, par. 15-1501

Synopsis As Introduced
Amends the Illinois Income Tax Act concerning the definition of "captive real estate investment trusts". Provides that, to be a captive real estate investment trust, at least 50% of the voting power must be controlled by a single association that is taxable as a corporation (now, controlled by a single person). Exempts from the definition certain real estate investment trusts that are owned and controlled by certain entities that are organized outside of the laws of the United States. Effective immediately.

Senate Floor Amendment No. 1
Provides that, to be a captive real estate investment trust, at least 50% of the voting power must be controlled by a single corporation (instead of "an entity that is treated as an association that is taxable as a corporation under the Internal Revenue Code").

House Amendment No. 1
Provides that there is no rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.

Actions 

Date	Chamber	Action
2/15/2008	Senate	Filed with Secretary by Sen. Don Harmon
2/15/2008	Senate	First Reading
2/15/2008	Senate	Referred to Rules
2/28/2008	Senate	Assigned to Revenue
3/6/2008	Senate	Do Pass Revenue; 007-000-000
3/6/2008	Senate	Placed on Calendar Order of 2nd Reading March 11, 2008
3/13/2008	Senate	Second Reading
3/13/2008	Senate	Placed on Calendar Order of 3rd Reading April 1, 2008
4/9/2008	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon
4/9/2008	Senate	Senate Floor Amendment No. 1 Referred to Rules
4/15/2008	Senate	Senate Floor Amendment No. 1 Rules Refers to Revenue
4/16/2008	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Revenue; 006-000-000
4/16/2008	Senate	Recalled to Second Reading
4/16/2008	Senate	Senate Floor Amendment No. 1 Adopted; Harmon
4/16/2008	Senate	Placed on Calendar Order of 3rd Reading
4/16/2008	Senate	Third Reading - Passed; 056-000-000
4/17/2008	House	Arrived in House
4/17/2008	House	Placed on Calendar Order of First Reading
4/17/2008	House	Chief House Sponsor Rep. John E. Bradley
4/24/2008	House	First Reading
4/24/2008	House	Referred to Rules Committee
5/1/2008	House	Assigned to Revenue Committee
5/9/2008	House	Committee Deadline Extended-Rule 9(b) May 23, 2008
5/15/2008	House	House Amendment No. 1 Filed with Clerk by Revenue Committee
5/15/2008	House	House Amendment No. 1 Adopted in Revenue Committee; by Voice Vote
5/15/2008	House	Do Pass as Amended / Short Debate Revenue Committee; 007-000-000
5/15/2008	House	Placed on Calendar 2nd Reading - Short Debate
5/19/2008	House	Second Reading - Short Debate
5/19/2008	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/22/2008	House	Third Reading - Short Debate - Passed 107-000-001
5/23/2008	Senate	Secretary's Desk - Concurrence House Amendment(s) 01
5/23/2008	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 01-May 27, 2008
5/27/2008	Senate	House Amendment No. 1 Motion to Non-Concur Filed with Secretary Sen. Don Harmon
5/28/2008	Senate	Senate Non-Concurs 01
5/29/2008	House	Placed on Calendar Order of Non-Concurrence House Amendment(s) 1
7/1/2008	House	Rule 19(b) / Re-referred to Rules Committee
1/13/2009	Senate	Session Sine Die

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