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

Statutes Amended In Order of Appearance

New Act

35 ILCS 5/224 new

215 ILCS 5/409.1 new

Synopsis As Introduced
Creates the Illinois Rehabilitation and Revitalization Tax Credit Act. Creates a credit against taxes imposed under the Illinois Income Tax Act and the Illinois Insurance Code in an aggregate amount equal to 20% of qualified expenditures incurred by a qualified taxpayer pursuant to a qualified rehabilitation plan on a qualified structure, provided that the total amount of such qualified expenditures exceeds the greater of $5,000 or the adjusted basis of the property. Contains provisions concerning the transfer of credits. Sets forth the maximum annual amount of credits that may be approved by the Department. Amends the Illinois Income Tax Act and the Illinois Insurance Code to make conforming changes. Effective January 1, 2016.

Actions 

Date	Chamber	Action
2/19/2015	Senate	Filed with Secretary by Sen. Pamela J. Althoff
2/19/2015	Senate	First Reading
2/19/2015	Senate	Referred to Assignments
2/25/2015	Senate	Assigned to Revenue
3/3/2015	Senate	Added as Chief Co-Sponsor Sen. Andy Manar
3/3/2015	Senate	Added as Co-Sponsor Sen. Thomas Cullerton
3/5/2015	Senate	To Subcommittee on Tax Credits
3/24/2015	Senate	Added as Co-Sponsor Sen. Steve Stadelman
3/27/2015	Senate	Rule 2-10 Committee Deadline Established As April 24, 2015
4/14/2015	Senate	Added as Co-Sponsor Sen. Kimberly A. Lightford
4/15/2015	Senate	Added as Chief Co-Sponsor Sen. Melinda Bush
4/24/2015	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015
4/29/2015	Senate	Added as Co-Sponsor Sen. Neil Anderson
5/15/2015	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015
8/4/2015	Senate	Added as Co-Sponsor Sen. Wm. Sam McCann
10/10/2015	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
1/10/2017	Senate	Session Sine Die

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