Illinois General Assembly - Bill Status for SB2534
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 Bill Status of SB2534  96th General Assembly

Short Description:  NEW MARKETS-CAP ON CREDITS

Senate Sponsors
Sen. David Koehler - Michael Noland - Kwame Raoul, Dan Kotowski, Martin A. Sandoval, Emil Jones, III, Deanna Demuzio, William R. Haine, A. J. Wilhelmi, John M. Sullivan, Toi W. Hutchinson, Heather Steans, Jacqueline Y. Collins, Terry Link and Ira I. Silverstein

House Sponsors
(Rep. Jehan A. Gordon - Linda Chapa LaVia - Lou Lang)

Last Action
DateChamber Action
  6/21/2010SenatePublic Act . . . . . . . . . 96-0933

Statutes Amended In Order of Appearance
20 ILCS 663/20
20 ILCS 663/25


Synopsis As Introduced
Amends the New Markets Development Program Act. Increases the annual cap on credits from $10,000,000 to $40,000,000. Effective July 1, 2010.

House Committee Amendment No. 1
Deletes reference to:
20 ILCS 663/25

Replaces everything after the enacting clause. Amends the New Markets Development Program Act. Makes a technical change in a provision concerning an annual cap on credits.

House Floor Amendment No. 2
Deletes reference to:
20 ILCS 663/25
Adds reference to:
New Act
35 ILCS 5/219 new

Replaces everything after the enacting clause. Creates the Historic Preservation Tax Credit Pilot Program Act. Provides that an income tax credit is granted to an eligible taxpayer who makes expenditures pursuant to a qualified rehabilitation plan for the rehabilitation of a historic hotel located in the City of Peoria. Provides that the credit is available for taxable years beginning on or after January 1, 2010 and ending on or before December 31, 2015. Provides that the credit is equal to 25% of the amount of the eligible expenditure. Contains provisions concerning eligible expenditures. Provides that eligible taxpayers must apply with the Department of Commerce and Economic Opportunity within 6 months after the effective date of the Act. Provides that the credit may be carried forward for up to 10 years and may be carried back for up to 3 years. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

Actions 
DateChamber Action
  1/12/2010SenateFiled with Secretary by Sen. James F. Clayborne, Jr.
  1/12/2010SenateFirst Reading
  1/12/2010SenateReferred to Assignments
  2/10/2010SenateAssigned to Commerce
  2/17/2010SenateAdded as Co-Sponsor Sen. Dan Kotowski
  2/18/2010SenateDo Pass Commerce; 009-000-000
  2/18/2010SenatePlaced on Calendar Order of 2nd Reading February 23, 2010
  2/18/2010SenateAdded as Chief Co-Sponsor Sen. Kyle McCarter
  2/25/2010SenateSecond Reading
  2/25/2010SenatePlaced on Calendar Order of 3rd Reading March 2, 2010
  3/12/2010SenateAdded as Chief Co-Sponsor Sen. Michael Noland
  3/12/2010SenateAdded as Chief Co-Sponsor Sen. Chris Lauzen
  3/12/2010SenateAdded as Chief Co-Sponsor Sen. Kwame Raoul
  3/12/2010SenateAdded as Co-Sponsor Sen. Martin A. Sandoval
  3/12/2010SenateAdded as Co-Sponsor Sen. Emil Jones, III
  3/12/2010SenateAdded as Co-Sponsor Sen. Deanna Demuzio
  3/12/2010SenateAdded as Co-Sponsor Sen. William R. Haine
  3/12/2010SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi
  3/12/2010SenateAdded as Co-Sponsor Sen. John M. Sullivan
  3/12/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
  3/12/2010SenateAdded as Co-Sponsor Sen. Heather Steans
  3/12/2010SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins
  3/12/2010SenateAdded as Co-Sponsor Sen. Terry Link
  3/12/2010SenateAdded as Co-Sponsor Sen. Ira I. Silverstein
  3/12/2010SenateThird Reading - Passed; 051-000-000
  3/12/2010HouseArrived in House
  3/12/2010HouseChief House Sponsor Rep. Barbara Flynn Currie
  3/12/2010HousePlaced on Calendar Order of First Reading
  3/12/2010HouseFirst Reading
  3/12/2010HouseReferred to Rules Committee
  4/22/2010HouseCommittee Deadline Extended-Rule 9(b) April 30, 2010
  4/22/2010HouseAssigned to Revenue & Finance Committee
  4/28/2010HouseHouse Committee Amendment No. 1 Filed with Clerk by Revenue & Finance Committee
  4/28/2010HouseHouse Committee Amendment No. 1 Adopted in Revenue & Finance Committee; by Voice Vote
  4/28/2010HouseDo Pass as Amended / Short Debate Revenue & Finance Committee; 008-005-000
  4/28/2010HousePlaced on Calendar 2nd Reading - Short Debate
  5/4/2010HouseSecond Reading - Short Debate
  5/4/2010HouseHeld on Calendar Order of Second Reading - Short Debate
  5/7/2010HouseFinal Action Deadline Extended-9(b) May 28, 2010
  5/24/2010HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Jehan A. Gordon
  5/24/2010HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/24/2010HouseHouse Floor Amendment No. 2 Rules Refers to Revenue & Finance Committee
  5/25/2010HouseAdded Alternate Chief Co-Sponsor Rep. David R. Leitch
  5/25/2010HouseHouse Floor Amendment No. 2 Recommends Be Adopted Revenue & Finance Committee; 010-000-000
  5/25/2010HouseAlternate Chief Sponsor Changed to Rep. Jehan A. Gordon
  5/25/2010HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
  5/25/2010HouseAlternate Chief Co-Sponsor Removed Rep. David R. Leitch
  5/25/2010HouseAdded Alternate Chief Co-Sponsor Rep. Lou Lang
  5/25/2010HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  5/25/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/25/2010HouseThird Reading - Short Debate - Passed 111-004-001
  5/26/2010SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2
  5/26/2010SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 27, 2010
  5/26/2010SenateChief Sponsor Changed to Sen. David Koehler
  5/26/2010SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. David Koehler
  5/26/2010SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/26/2010SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. David Koehler
  5/26/2010SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/26/2010SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Revenue
  5/26/2010SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Revenue
  5/27/2010SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Revenue; 008-001-000
  5/27/2010SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Revenue; 008-001-000
  5/27/2010SenateSponsor Removed Sen. Kyle McCarter
  5/27/2010SenateSponsor Removed Sen. Chris Lauzen
  5/27/2010SenateHouse Committee Amendment No. 1 Senate Concurs 046-007-000
  5/27/2010SenateHouse Floor Amendment No. 2 Senate Concurs 046-007-000
  5/27/2010SenatePassed Both Houses
  6/10/2010SenateSent to the Governor
  6/21/2010SenateGovernor Approved
  6/21/2010SenateEffective Date June 21, 2010
  6/21/2010SenatePublic Act . . . . . . . . . 96-0933

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