Full Text of SB2168 97th General Assembly
SB2168ham001 97TH GENERAL ASSEMBLY | Rep. Jehan A. Gordon Filed: 5/13/2011
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| 1 | | AMENDMENT TO SENATE BILL 2168
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2168 on page 2, by | 3 | | replacing lines 5 and 6 with " Economic Opportunity. The "; and | 4 | | on page 3, line 3, after the period, by inserting " The | 5 | | Department of Commerce and Economic Opportunity may adopt rules | 6 | | to implement this Section. "; and | 7 | | on page 3, by replacing lines 4 through 14 with the following:
| 8 | | " (c) If the amount of the credit exceeds the taxpayer's | 9 | | liability for the year, then the excess may be carried forward | 10 | | and applied to the tax liability of the 5 taxable years | 11 | | following the excess credit year. The tax credit shall be | 12 | | applied to the earliest year for which there is a tax | 13 | | liability. If there are credits for more than one year that are | 14 | | available to offset a liability, the earlier credit shall be | 15 | | applied first. "; and |
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| 1 | | on page 4, by replacing lines 8 through 19 with the following: | 2 | | " historic structure. Partners, shareholders of subchapter S | 3 | | corporations, and owners of limited liability companies (if the | 4 | | limited liability company is treated as a partnership for | 5 | | purposes of federal and State income taxation) are entitled to | 6 | | a credit under this Section to be determined in accordance with | 7 | | the determination of income and distributive share of income | 8 | | under Sections 702 and 703 and subchapter S of the Internal | 9 | | Revenue Code, provided that credits granted to a partnership, a | 10 | | limited ; and | 11 | | on page 4, immediately below line 24, by inserting the | 12 | | following: | 13 | | "Section 15. The River Edge Redevelopment Zone Act is | 14 | | amended by changing Sections 10-2 and 10-5.3 as follows: | 15 | | (65 ILCS 115/10-2)
| 16 | | Sec. 10-2. Findings. The General Assembly finds and | 17 | | declares that those municipalities adjacent to or surrounding | 18 | | river areas often lack critical tools to safely revive and | 19 | | redevelop environmentally-challenged properties that will | 20 | | stimulate economic revitalization and create jobs in Illinois. | 21 | | Environmentally-challenged properties adjacent to or | 22 | | surrounding Illinois rivers are a threat to the health, safety, | 23 | | and welfare of the people of this State. Many of these |
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| 1 | | environmentally-challenged properties adjacent to or | 2 | | surrounding rivers were former industrial areas that now, | 3 | | subject to appropriate environmental clean-up and remediation, | 4 | | would be ideal for office, residential, retail, hospitality, | 5 | | commercial, recreational, warehouse and distribution, and | 6 | | other economically productive uses. The cost of the cleaning | 7 | | and remediation of these environmentally-challenged properties | 8 | | is often the primary obstacle to returning these properties to | 9 | | a safe and economically productive use. | 10 | | Cooperative and continuous partnership among the State, | 11 | | through the Department of Commerce and Economic Opportunity and | 12 | | the Environmental Protection Agency, municipalities adjacent | 13 | | to or surrounding rivers, and the private sector is necessary | 14 | | to appropriately encourage the cost-effective cleaning and | 15 | | remediation of these environmentally-challenged properties in | 16 | | order to bring about a safe and economically productive use of | 17 | | the properties. | 18 | | Therefore, it is declared to be the purpose of this Act to | 19 | | identify and initiate 3 pilot River Edge Redevelopment Zones to | 20 | | stimulate the safe and cost-effective re-use of | 21 | | environmentally-challenged properties adjacent to or | 22 | | surrounding rivers by means of tax incentives or grants. On or | 23 | | after the effective date of this amendatory Act of the 97th | 24 | | General Assembly, the Department may certify an additional | 25 | | pilot River Edge Redevelopment Zone in the City of Peoria.
| 26 | | (Source: P.A. 94-1021, eff. 7-12-06; 94-1022, eff. 7-12-06.) |
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| 1 | | (65 ILCS 115/10-5.3)
| 2 | | Sec. 10-5.3. Certification of River Edge Redevelopment | 3 | | Zones. | 4 | | (a) Approval of designated River Edge Redevelopment Zones | 5 | | shall be made by the Department by certification of the | 6 | | designating ordinance. The Department shall promptly issue a | 7 | | certificate for each zone upon its approval. The certificate | 8 | | shall be signed by the Director of the Department, shall make | 9 | | specific reference to the designating ordinance, which shall be | 10 | | attached thereto, and shall be filed in the office of the | 11 | | Secretary of State. A certified copy of the River Edge | 12 | | Redevelopment Zone Certificate, or a duplicate original | 13 | | thereof, shall be recorded in the office of the recorder of | 14 | | deeds of the county in which the River Edge Redevelopment Zone | 15 | | lies. | 16 | | (b) A River Edge Redevelopment Zone shall be effective upon | 17 | | its certification. The Department shall transmit a copy of the | 18 | | certification to the Department of Revenue, and to the | 19 | | designating municipality.
Upon certification of a River Edge | 20 | | Redevelopment Zone, the terms and provisions of the designating | 21 | | ordinance shall be in effect, and may not be amended or | 22 | | repealed except in accordance with Section 10-5.4. | 23 | | (c) A River Edge Redevelopment Zone shall be in effect for | 24 | | the period stated in the certificate, which shall in no event | 25 | | exceed 30 calendar years. Zones shall terminate at midnight of |
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| 1 | | December 31 of the final calendar year of the certified term, | 2 | | except as provided in Section 10-5.4. | 3 | | (d) In calendar years 2006 and 2007, the Department may | 4 | | certify one pilot River Edge Redevelopment Zone in the City of | 5 | | East St. Louis, one pilot River Edge Redevelopment Zone in the | 6 | | City of Rockford, and one pilot River Edge Redevelopment Zone | 7 | | in the City of Aurora. | 8 | | In calendar year 2009, the Department may certify one pilot | 9 | | River Edge Redevelopment Zone in the City of Elgin. | 10 | | On or after the effective date of this amendatory Act of | 11 | | the 97th General Assembly, the Department may certify one | 12 | | additional pilot River Edge Redevelopment Zone in the City of | 13 | | Peoria. | 14 | | Thereafter the Department may not certify any additional | 15 | | River Edge Redevelopment Zones, but may amend and rescind | 16 | | certifications of existing River Edge Redevelopment Zones in | 17 | | accordance with Section 10-5.4. | 18 | | (e) A municipality in which a River Edge Redevelopment Zone | 19 | | has been certified must submit to the Department, within 60 | 20 | | days after the certification, a plan for encouraging the | 21 | | participation by minority persons, females, persons with | 22 | | disabilities, and veterans in the zone. The Department may | 23 | | assist the municipality in developing and implementing the | 24 | | plan. The terms "minority person", "female", and "person with a | 25 | | disability" have the meanings set forth under Section 2 of the | 26 | | Business Enterprise for Minorities, Females, and Persons with |
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| 1 | | Disabilities Act. "Veteran" means an Illinois resident who is a | 2 | | veteran as defined in subsection (h) of Section 1491 of Title | 3 | | 10 of the United States Code.
| 4 | | (Source: P.A. 96-37, eff. 7-13-09.)".
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