Illinois General Assembly - Full Text of HB3256
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Full Text of HB3256  102nd General Assembly

HB3256 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3256

 

Introduced 2/19/2021, by Rep. Jay Hoffman

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 663/50

    Amends the New Markets Development Program Act. Provides that qualified equity investments may be made under the Act without reauthorization through fiscal year 2026 (currently, fiscal year 2021). Effective immediately.


LRB102 11775 RJF 17110 b

 

 

A BILL FOR

 

HB3256LRB102 11775 RJF 17110 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The New Markets Development Program Act is
5amended by changing Section 50 as follows:
 
6    (20 ILCS 663/50)
7    Sec. 50. Sunset. For fiscal years following fiscal year
82026 2021, qualified equity investments shall not be made
9under this Act unless reauthorization is made pursuant to this
10Section. For all fiscal years following fiscal year 2026 2021,
11unless the General Assembly adopts a joint resolution granting
12authority to the Department to approve qualified equity
13investments for the Illinois new markets development program
14and clearly describing the amount of tax credits available for
15the next fiscal year, or otherwise complies with the
16provisions of this Section, no qualified equity investments
17may be permitted to be made under this Act. The amount of
18available tax credits contained in such a resolution shall not
19exceed the limitation provided under Section 20. Nothing in
20this Section precludes a taxpayer who makes a qualified equity
21investment prior to the expiration of authority to make
22qualified equity investments from claiming tax credits
23relating to that qualified equity investment for each

 

 

HB3256- 2 -LRB102 11775 RJF 17110 b

1applicable credit allowance date.
2(Source: P.A. 100-408, eff. 8-25-17.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.