Illinois General Assembly - Bill Status for SB1755

Synopsis As Introduced
Amends the New Markets Development Program Act. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of qualified equity investments at no more than $20,000,000 of tax credits for the primary allocation and no more than $12,000,000 of tax credits for the targeted allocation. Provides that, on or after January 1, 2024, but not more than 120 days after the Community Development Financial Institutions Fund of the United States Department of the Treasury announces allocation awards under a Notice of Funding Availability that was published in the Federal Register on November 22, 2022, $250,000,000 of qualified equity investments for the primary allocation and $150,000,000 of qualified equity investments for the targeted allocation shall be allocated by the Department. Makes other changes. Defines terms. Effective immediately.

Actions

Date	Chamber	Action
2/9/2023	Senate	Filed with Secretary by Sen. Christopher Belt
2/9/2023	Senate	First Reading
2/9/2023	Senate	Referred to Assignments
2/21/2023	Senate	Assigned to Revenue
2/27/2023	Senate	Added as Co-Sponsor Sen. Terri Bryant
3/3/2023	Senate	Added as Co-Sponsor Sen. Paul Faraci
3/8/2023	Senate	Added as Chief Co-Sponsor Sen. Doris Turner
3/10/2023	Senate	Rule 3-9(a) / Re-referred to Assignments

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