Bill Status of SB 2217   99th General Assembly

Short Description:  REHABILITATION TAX CREDIT

Senate Sponsors
Sen. Pamela J. Althoff and Donne E. Trotter

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession 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, 2017.

Actions 
DateChamber Action
  1/13/2016SenateFiled with Secretary by Sen. Pamela J. Althoff
  1/13/2016SenateFirst Reading
  1/13/2016SenateReferred to Assignments
  1/27/2016SenateAssigned to Revenue
  2/18/2016SenateTo Subcommittee on Tax Credits
  3/2/2016SenateAdded as Co-Sponsor Sen. Donne E. Trotter
  4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016
  4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
  5/13/2016SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2017SenateSession Sine Die

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