Illinois General Assembly - Bill Status for HB4533
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 Bill Status of HB4533  98th General Assembly


House Sponsors
Rep. Frank J. Mautino - John M. Cabello - Jerry F. Costello, II, Rich Brauer, Greg Harris, Emanuel Chris Welch, Mike Smiddy, Patrick J. Verschoore and Jack D. Franks

Last Action
DateChamber Action
  12/3/2014HouseSession 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. Provides that credits may be carried forward for a period of 5 years, or carried back for a period of one year. Provides that credits awarded for each qualified rehabilitation project shall be limited to a maximum of $3,000,000. Provides that credits may be assigned or transferred. Effective January 1, 2015.

DateChamber Action
  2/4/2014HouseFiled with the Clerk by Rep. Frank J. Mautino
  2/4/2014HouseFirst Reading
  2/4/2014HouseReferred to Rules Committee
  2/26/2014HouseAdded Chief Co-Sponsor Rep. John M. Cabello
  3/6/2014HouseAdded Co-Sponsor Rep. Rich Brauer
  3/6/2014HouseAdded Co-Sponsor Rep. Greg Harris
  3/6/2014HouseAdded Chief Co-Sponsor Rep. Jerry F. Costello, II
  3/6/2014HouseChief Co-Sponsor Changed to Rep. Jerry F. Costello, II
  3/18/2014HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  3/19/2014HouseAssigned to Revenue & Finance Committee
  3/21/2014HouseTo Property Tax Subcommittee
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  4/8/2014HouseAdded Co-Sponsor Rep. Mike Smiddy
  4/8/2014HouseAdded Co-Sponsor Rep. Patrick J. Verschoore
  5/7/2014HouseAdded Co-Sponsor Rep. Jack D. Franks
  12/3/2014HouseSession Sine Die

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