Illinois General Assembly - Bill Status for SB1250
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 Bill Status of SB1250  99th General Assembly


Senate Sponsors
Sen. Pamela J. Althoff - Andy Manar - Melinda Bush, Thomas Cullerton, Steve Stadelman, Kimberly A. Lightford, Neil Anderson and Wm. Sam McCann

Last Action
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, 2016.

DateChamber Action
  2/19/2015SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/19/2015SenateFirst Reading
  2/19/2015SenateReferred to Assignments
  2/25/2015SenateAssigned to Revenue
  3/3/2015SenateAdded as Chief Co-Sponsor Sen. Andy Manar
  3/3/2015SenateAdded as Co-Sponsor Sen. Thomas Cullerton
  3/5/2015SenateTo Subcommittee on Tax Credits
  3/24/2015SenateAdded as Co-Sponsor Sen. Steve Stadelman
  3/27/2015SenateRule 2-10 Committee Deadline Established As April 24, 2015
  4/14/2015SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  4/15/2015SenateAdded as Chief Co-Sponsor Sen. Melinda Bush
  4/24/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2015
  4/29/2015SenateAdded as Co-Sponsor Sen. Neil Anderson
  5/15/2015SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2015
  8/4/2015SenateAdded as Co-Sponsor Sen. Wm. Sam McCann
  10/10/2015SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017SenateSession Sine Die

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