Date	Chamber	Action
1/10/2017	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

30 ILCS 605/7.1

from Ch. 127, par. 133b10.1

35 ILCS 5/224 new

215 ILCS 5/409.2 new

Synopsis As Introduced
Creates the Illinois State Property Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an amount equal to 30% of qualified expenditures incurred by a qualified taxpayer in the rehabilitation of certain property that had been owned by the State. Provides that credits may be carried over into succeeding years and transferred. Contains provisions concerning the application process for obtaining a credit including form, fees, time to commence rehabilitation and expenditures, and that applicants shall comply with the Prevailing Wage Act. Provides that the Department of Commerce and Economic Opportunity will determine the amount of qualified expenditures and the amount of credits to be issued. Requires that a biennial report be issued. Provides for an appeal process where applicants may appeal an adverse decision. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Amends the State Property Control Act. Changes the definition of "surplus real property" to include property which is determined by the head of the State agency to no longer be required for the State agency's needs and responsibilities (instead of property that is vacant, unoccupied, or unused and having no foreseeable use by the owing agency). Makes changes concerning the disposition of surplus State property. Effective immediately.

Actions 

Date	Chamber	Action
1/14/2015	House	Filed with the Clerk by Rep. Lawrence Walsh, Jr.
1/14/2015	House	First Reading
1/14/2015	House	Referred to Rules Committee
2/3/2015	House	Assigned to Revenue & Finance Committee
2/20/2015	House	To Income Tax Subcommittee
3/27/2015	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2017	House	Session Sine Die

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