Bill Status of SB 1212   99th General Assembly

Short Description:  REVENUE-REVITALIZATION CREDIT

Senate Sponsors
Sen. Antonio Muņoz

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 605/7.1from 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 
DateChamber Action
  2/11/2015SenateFiled with Secretary by Sen. Antonio Muņoz
  2/11/2015SenateFirst Reading
  2/11/2015SenateReferred to Assignments
  2/25/2015SenateAssigned to Revenue
  3/5/2015SenateTo Subcommittee on Tax Credits
  3/27/2015SenateRule 2-10 Committee Deadline Established As April 24, 2015
  4/24/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015
  5/15/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015
  10/10/2015SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017SenateSession Sine Die

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